KARNATAKA LEASING AND COMMERCIAL Vs. N R KINI

JUDGEMENT

(1.) THIS application has been filed under Section 446(2)(b) of the Companies Act, 1956 (hereinafter called the 'Act') read with Rule 9 of the Company (Court) Rules, 1959, seeking for recovery of Rs. 5,29,947 together with contractual rate of interest at 21 per cent per annum monthly compounded from 1-9-1996 till the date of payment and for costs.

(2.) IT is averred in the application that the applicant-company is ordered to be wound up by order dated 29/31-10-1996 passed by this Court in Company Petition No. 43/1992. The respondent herein was having commercial dealing with the applicant-company and he was granted loan of Rs. 1,60,020 and he has executed the promissory note on 20-7-1989 agreeing to repay the said amount along with interest at 21 per cent per annum and the said amount has not been repaid and wherefore, the application for recovery of the amount.

(3.) THE matter was posted for evidence. PW1 was examined on behalf of the applicant and Exs. P1 to P4 were got marked. On behalf of the respondent, the respondent is examined as RW1.