Comp.A.No.223 of 2018

in C.P.No.255 of 2014

C.SARAVANAN,J.

There is no representation on the behalf of the respondent in this

application. No counter has been filed so far, despite service of notice and

name being printed in the cause list.

2. This application has been filed to direct the respondent/debtor

company to pay a sum of Rs.10,01,129.84 towards entire settlement along with

subsequent interest @ 18% p.a.till the date of final payment and to direct the

respondent to surrender assets in terms of clause (18) the agreement and to

permit the Official Liquidator to meet the cost of this application from the

funds of the company in Provisional Liquidation.

3. In the report dated 13.11.2017 filed by the Official Liquidator, it

has been stated as follows:-

3. That the Official Liquidator submits that the respondent had

entered into 2 Operating Lease Agreement with the

Company in Provisional Liquidation and borrowed money

for the purpose of purchase of Xerox Machine out of which

1^st Agreement tenor got over before liquidation.

The details of active agreement as on the date of wind up

order are mentioned below:-

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https://www.mhc.tn.gov.in/judis

Agreement

No.

(1)

Nature

(2)

Agreement

Value

(3)

Agreement

Date

(4)

Rental

Charges per

month

(5)

Tenor got

over on

Outstanding

as on

31.03.2016

2

Operating

Lease

5,90,520.00 30.03.2011

9,842.00

31.03.2016

1,76,069.00

(Copies of Operating Lease Agreement and Disbursement

Report are annexed as Annexure- A & B)

4. That the Official Liquidator submits that as per

the Books and Records of the subject Company

in Liquidation there was an outstanding of

Rs.1,76,069.00 as on 31.03.2016. A Demand

Notice dated 11.01.2017 was sent to the

respondent demanding a sum of Rs.2,20,940.57

as on that date which includes outstanding

amount of Rs.1,76,069.00 along with interest @

18 p.a.for Rs.44,871.57 and to return the asset

as per Clause 3(d). The said notice was

acknowledged by the respondent on 16.01.2017

but no reply or payment was received till date.

Thereafter, the Official Liquidator has issued

Final Notice dated 28.03.2017 directing to pay

the outstanding amount of Rs.1,76,069.00 as on

31.03.2016 along with interest @ 18% p.a.for

the period from 31.07.2014 to 31.03.2017 for

Rs.51,492.25 totaling to Rs.2,27,561.25 on or

before 31.03.2017 and the said notice was

acknowledged by the respondent on 31.03.2017

but no reply or payment was received from the

respondent till date.(Copies of the Letters

acknowledgement cards are Annexed as

Annexure-C).

5. That the Official Liquidator further submits that

since the respondent has not shown any interest

on settling the debt due amount, the Official

Liquidator has no other option except to prefer

this application under Section 446(2) of the

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Companies Act, 1956 before this Court praying

for an order directing the respondent to pay the

outstanding amount of Rs.1,76,069.00 along

with interest @ 18% p.a.from 31.07.2014 to

31.12.2017 for Rs.75,261.26 totaling to

Rs.2,51,330.56 along with subsequent interest

@ 18% till date of final payment.(Copy of

Ledger Statement along with Interest

Calculation Sheet are annexed as Annexure-D).

The debt is well within the Limitation as per

Law.

6. That Official Liquidator further submits that the

respondent have to return the asset at their own

cost pertain to Agreement No.2 as per Clause

3(d) of the Lease Agreement upon expiration or

earlier termination of the Operating Lease

Agreement in as good condition in which he had

received the same, normal wear and tear

excepted.

7. That in view of the aforesaid facts, the Official

Liquidator prays that this Hon'ble Court may be

pleased to pass the following orders:-

a.To direct the respondent/debtor

Company to pay the debt due amount of

Rs.2,51,330.56