SUDARSAN CHITS (INDIA) LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) These are petitions filed by Surdasan Chits (India) Ltd., which was ordered to be wound up under the provisions of the Companies Act by order dated 13th October 1981. Subsequently the company is being revived as per the scheme dated 8th October 1982 approved by this Court m M.F.A. Nos, 518, 519 and 520 of 1981. As per the scheme and subsequent orders this court directed the company to pay at first, to its creditors who are subscribers of kuries conducted by the company having a sala of Rs. 10,000 and below. Thereafter subscribers in kuries of sala value of Rs. 20,000 and below are to be paid at the next stage and so on. According to the affidavits filed in support of these petitions the company has so far paid an amount of Rs. 11,19,03,558.23 as on 16th August 1990. For the proper Implementation of the scheme this court has appointed an additional Director in the Board of Directors of the company. All the payments are being made by crossed cheques signed by the Additional Director. Periodical statements are also filed about the progress of the implementation of the scheme before this court. As per the statement filed on 16th August 1990 the company has paid 72,025 creditors. This court has also directed that in making payments to the subscriber's who have joined kuries having sala of Rs. 10.000 and . below initially the payments are . to be effected in respect of kuries having a sala of Rs. 5,000 and below. Only thereafter the company can pay to the subscribers, who have joined kuries having sala of above Rs. 5,000 and below Rs, 10,000.

(2.) Several subscribers have moved the District Forum constituted under the Consumer Protection Act, 1986 for their respective areas for recovery of the amounts due to them from the company. It is not necessary to state the details of the amounts claimed by them, since the company is challenging the jurisdiction of the District Forum to grant relief to those subscribers. These petitions are filed by the company under S.446 (3) read with S.396 (6) of the Companies Act and R.9 of the Companies (Court) rules to transfer the cases pending before the respective District Forum constituted under the Consumer Protection Act to this court and to dispose of the same in accordance with law.

(3.) However, it may be mentioned that in one case covered by C.M.P. 4063 of 1990 the subscriber has forwarded a photostat copy of the order of the District Forum constituted under the Consumer Protection Act, Srikakulam dated 7th September, 1990 dismissing his petition observing that the subscriber will have to wait for some more time to receive the payment as directed by this court. The order also mentions that if the amount is not paid within six months, the subscriber can again approach the forum for relief. Since no petition is pending before the District Forum at this stage, C.M.P. 4063 of 1990 is dismissed.