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Judgment
S.K. Keshote, J.—Heard learned counsel for the applicant, perused the application, its enclosures, reply to the application filed by the respondent and the rejoinder thereto filed by the applicant.
In Para No. 7 of the application, the Official Liquidator averred that the list of debtors provided by Shri Sajjan Singh Rathore is in the shape of Register and that is a lengthy document. The details given in the said register with regard to the respondents viz., name and address of debtor, the date of giving loan, principal amount and amount and rate of interest to be charged etc. Which are as follows :
S.No.
Name & Address of debtor
The date of giving loan
Principal amount
Amount of interest (@ 14%)
Total
1
2
3
4
5
6
1.
Sh. Shish Pal Singh S/o Sh. Bhagi-rath Singh V.P. Disnau Teh. Laxman-garh, Sikar
28/94
Rs. 50,000 (Rs. fifty thousand only)
Rs. 37,916 (Rs. thirty seven thousand nine hundred sixteen only). As on 27-8-1999
Rs. 87,916 (Rs. eighty seven thousand nine hundred sixteen only)
In S.B. Company Petition No. 1 of 1995 on 14th of July, 1995 this Court ordered for provisional winding up of M/s. Amfort Agro Finance Limited. Final order has been passed on 13th of January, 1997 of winding up of the company and the applicant was appointed as its Liquidator.
The main object of the company for which it was incorporated was to provide loans to the agriculturists for the purchases of fertilizers, seeds, agriculture equipments like engines, fountain pump sets etc. It was also to make available loan for the purpose of agriculture machinery like tractor, threshers or means of irrigation like tube-well etc. The Ex-Directors of the Company, as per the averments made in the application by the applicant have not filed the statement of affairs as required u/s 454 of the Companies Act, 1956, in spite of service of registered notices served upon them.
As per the list of debtors, loan in the sum of Rs. 50,000 was given by the Company (In liquidation) to the respondent for purchase of thresher. The respondent executed documents for this loan which were witnessed by Shri Devi Singh and Tara Singh of Disnau.
The Official Liquidator sent notices on 23-8-1999 to the respondent for payment of the aforesaid amount along with the interest by the Registered AD. Though the notices have been served but the respondent has not paid the debt. Thus, this application.
Reply to this application is filed by the respondent. It is not a parawise reply. Thus the averments made in Para No. 7 stand uncontroverted.
The only defence taken in the reply is that Rs. 13,500 (Rs. thirteen thousand five hundred only) have been deposited with the company (in liquidation) by the respondent on different dates. The details of this deposit are as follows :
Date of Deposit
Amount Deposited
Receipt Number
2-3-1994
12,500
1323
22-2-1994
1,000
1318
It is submitted that the amount aforestated along with the interest deserves to be adjusted towards the loan amount.
In the rejoinder the Official Liquidator admitted that the amount aforestated has been paid by the respondent and thus he is required to repay the amount of Rs. 37,500 with interest thereon effective from 28th of March, 1994.
This application is filed on 13th October, 1999. As on 27th of August, 1999 the outstanding dues of Rs. 65,937 were thereagainst the respondent of the company (in liquidation) which includes the amount of Rs. 28,437 of interest on the principal amount at the rate of 1496 per annum with effect from 28th of March, 1994 up to 27-8-1999.
Accordingly, this petition succeeds in part and a decree of Rs. 65,937 is passed in favour of the petitioner and against the respondent. This amount includes Rs. 37,500 principal amount and the balance is the interest. The petitioner shall be entitled for the pendente lite and future interest on the principal amount of Rs. 37,500 at the rate of 14% per annum with effect from the date of filing the application. No order as to costs.