The court maintains discretion in corporate liquidation proceedings to scale down interest rates and permit installment payments for debt recovery based on the merits of the respondent's submission.

JUDGMENT

This company claim has been instituted seeking a decree against the respondent for a sum of Rs.10,600/- along with interest at the rate of 12% per annum from the date of default i.e., 29.05.2013 till the date of realisation.

2. Heard Smt.S.Jasmine, the learned Standing Counsel for the Official Liquidator, as well as Sri.V.Madhusudhanan, the learned counsel for the respondent.

3. Sri.Madhusudhanan, the learned counsel for the respondent, fairly points out that the respondent only requires an instalment facility (two instalments) for clearing the arrears. He would further state that the interest claimed is at 12% per annum, which may also be scaled down.

4. Taking note of the contentions raised as above, I am of the opinion that this company claim could be decreed, after scaling down the interest to 4% per annum. The respondent is also granted two monthly instalments for clearing the arrears.

Accordingly, this company claim is decreed and an amount of Rs.10,600/- is realisable along with interest at the rate of 4% per annum on the principal debt amount from 29.05.2013 till the date of realisation.

The respondent would be entitled to clear the afore amount in two equal monthly instalments, commencing from 07.07.2026. If two successive defaults are committed by the respondent, the benefits of this judgment would stand recalled.

No costs.