K.JOHN MATHEW
SUDARSHAN CHITS (INDIA) LTD. – Appellant
Versus
THE OFFICIAL LIQUIDATOR KERALA HIGH COURT – Respondent
Mr. K. John Mathew — These are petitions filed by Sudarsan Chits (India) Ltd. which was ordered to be wound up under the provisions of the Companies Act by order dated 13.10.1982. Subsequently the company is being revived as per the scheme dated 8.10.1982 approved by this Court in M.F.A. Nos. 518,519 & 520 of 1981. As per the Scheme and subsequent orders this Court directed the company to pay at first to its creditors who are subscribers of kuries conducted by the company having a sale of Rs. 10,000/- and below. Thereafter subscribers in kuries of sale value of Rs. 20,000/- and below are to be paid at next stage and so on. According to the affidavits filed is support of these petitions the company has so far paid an amount of Rs. 11,19,03,558.23p. as on 16.8.1990. For the proper implementation of the scheme this Court has appointed an additional Director is the Board of Directors of the company. All the payments are being made by crossed cheques signed by the Additional Director. Periodical statements are also filed about the programme of the implementation of the Scheme before this Court. As per the statement filed on 16.8.90 the company has paid 72025 creditors. This Court
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