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TMI Blog2011 (6) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... ady been created and placed on record, no further charge is required to be placed on record with the Registrar of Companies. The order passed by the official liquidator rejecting the claim of the appellant with regard to Rs. 33,12,717 as secured debt cannot be sustained. - COMPANY APPEAL NO. 6 OF 2010 IN R.C.C. NO. 8 OF 2001 - - - Dated:- 14-6-2011 - B. SESHASAYANA REDDY, J. V. Siva Rama Krishna and T. Sharath for the Appellant. M. Anil Kumar for the Official Liquidator. JUDGMENT 1. This appeal is directed against the order passed by the official liquidator on March 8, 2010, rejecting the claim of the appellant to treat a sum of Rs. 33,12,717 as secured debt. 2. The brief facts of the case leading to filin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Companies (Court) Rules, 1959, vide C. A. Nos. 1539 and 1401 of 2008. The official liquidator adjudicated the claim of the appellant and passed an order on March 8, 2010, treating the appellant as secured creditor in respect of Rs. 71,10,969 and as an unsecured creditor in respect of Rs. 33,12,717. Aggrieved by the order passed by the official liquidator, the appellant has filed this appeal. 4. Heard learned counsel appearing on behalf of the appellant and learned counsel appearing on behalf of the official liquidator. 5. Learned counsel appearing on behalf of the appellant submits that funded interest account is not a separate loan and it is only an accrued interest on two term loans, which had already been registered with the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exercise of the powers under rule 164 of the Companies (Court) Rules, 1959. 8. The only issue that calls for adjudication is : Whether funded interest account can be treated as separate loan account necessitating the appellant to inform the Registrar of Companies as provided under section 135 of the Act ? 9. Indisputably, the appellant-company placed on record their charge over the properties of the company in liquidation in respect of two loans, i.e., Rs. 30 and 20 lakhs. Extract from the charge register has been placed on record at pages 13 and 17 of the material papers. Interest due on these two loans have been transferred to the funded interest account. Under section 135 of the Act, whenever the terms or conditions of any char ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lled "the funded interest account". No amount has been advanced afresh to the company in liquidation. Therefore, there is no modification of the charge which is required to be informed to the Registrar as provided under section 135 of the Act. Since "the funded interest account" is nothing but interest due on two term loans for which charge has already been created and placed on record, no further charge is required to be placed on record with the Registrar of Companies. Therefore, the funded interest account of Rs. 33,12,717 is to be treated as secured debt. Therefore, the order passed by the official liquidator rejecting the claim of the appellant with regard to Rs. 33,12,717 as secured debt cannot be sustained. 12. Accordingly, the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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