M. P. CHANDRAKANTARAJ, J. ( 1 ) THIS is an application by the Official liquidator under S. 446 (2) (b) of the companies Act, 1956 praying for an order of this Court directing the respondents to pay him the sum of Rs. 15,331-70 together with interest on Rs. 8,200 at 6% per annum from date of application till date of realisation. ( 2 ) IT is stated in the application that the 1st respondent S. Bashanudien was a member of Galaxy Trading and Chit funds (P) Ltd, (in liquidation) in chit group No. AM 4 having Chit No. 13 in the value of Rs. 10,000. It is further alleged that respondent 1 was the highest bidder at one of the auctions held in the said chit group and received payment of prize amount on 26-5 197 Respondent 1 as well as respondent 2 Abdul Shukoor executed a promissory note jointly on 26 5 1975 in favour of the company (in liquidation) promising to pay the amount mentioned therein with interest at 18% per annum. The 2nd respondent had earlier executed a deed of mortgage by deposit of title deeds in favour of the company on 22-5-1975 mortgaging his property bearing Corpn. No. 7/45 situated in South Street Cross, Neelasandra, Civil stn. , Bangalore, measuring on the East : 36 feet. West: 36 feet, North: 45 feet and south : 45 feet. The mortgage was for securing payment of Rs. 10,000 with interest thereon at 18% per annum. ( 3 ) A petition was presented in this court ou 1- 3- 1979 for winding up of the company and this Court by an order dt. 137 1979 ordered the company to be wound up. Before the winding up order was made, by an order dt, 9-3-1979 in coy. Appln. 53 of 1979, the Official Liquidator attached 'o this Court was appointed as the Provisional Liquidator of the company. On 12-12 1979 and 3- 2- 1981 notices were issued to the respondents by the Official Liquidator calling upon them to pay the amount due by them. ( 4 ) THE claim of the Official Liquidator