Commercial Chit Corporation (in liqn. ) Rep. by the Official Liquidator, High Court at Hyderabad, For the State of Telangana v. .
2014-07-30
C.V.NAGARJUNA REDDY
body2014
DigiLaw.ai
ORDER: 1. This application is filed for the following substantive reliefs: i) permit the Official Liquidator to consider only the claims received after invitation of claims (in cases where the claimants have filed twice i.e before and after winding up); ii) permit the Official Liquidator to consider the claims of the claimants who have filed before winding up and not filed subsequent to invitation of claims; iii) direct the Official Liquidator to admit the matured amount as per the FD, irrespective of the amount claimed by the claimants; or in the alternative to consider the claim along with interest at the contractual rate up to the date of winding up; iv) direct the Official Liquidator to admit the matured amount shown in the Amulya Cash Certificates, irrespective of the amounts claimed by the claimants; or in the alternative to consider and pay interest up to the date of winding up order and quantum of interest to be considered may be decided by this Hon'ble Court in the absence of specific rate of interest in the said ACC ; v) direct the Official Liquidator to admit the amount in respect of chit subscribers and current account holders as per the entries mentioned in the passbook of the claimants, irrespective of the amounts claimed by the claimants; or in the alternate to consider their claim with interest from the date of last transaction to the date of winding up and the quantum of interest may please be decided by this Hon'ble Court; and vi) order that the cost of this application do come out of the assets of the company in liquidation. 2. In my opinion, unless any provision under the Companies Act, 1956 (for short the Act), or the Companies (Court) Rules, 1959 (for short the Rules), provided for intervention of the Court on any aspect before adjudication of the claims by the Official Liquidator, an application for issue of directions by this Court is not maintainable, for any decision taken by the Official Liquidator on the claims preferred by the creditors is amenable to appeal to this Court under Rule 164 of the Rules. The scheme of the Act and the Rules reflects that the decision by the Official Liquidator on the claims is quasi judicial in nature.
The scheme of the Act and the Rules reflects that the decision by the Official Liquidator on the claims is quasi judicial in nature. If any order is passed by this Court prior to the adjudication of the claims by the Official Liquidator, the same would render Rule 164 of the Rules nugatory. 3. Except prayer No.(ii), which pertains to the permission sought by the Official Liquidator for considering the claims made by the claimants before the order of winding up was passed, all other prayers are not amenable for any decision by this Court at this stage, as the Official Liquidator has to apply his mind and take a decision on his own without intervention of the Court. In this view of the matter, the application qua all the prayers except prayer No.(ii) needs to be rejected. 4. With regard to prayer No.(ii), the claimants appeared to have made their claims obviously under the impression that the firm in liquidation was wound up along with various other firms which were wound up earlier. In this view of the matter, the Official Liquidator is permitted to adjudicate the claims of all those 16 claimants who preferred their claims before winding up order was passed. 5. In the result, the application is rejected with regard to prayers (i), (iii) to (vi) and is allowed with regard to prayer No.(ii).