KURIAKOSE Vs. P K V GROUP INDUSTRIES

JUDGEMENT

(1.) These two appeals are filed against the interim orders in O.S. No. 33 of 1998 on the file of the Principal Sub Judge, N. Paravur. C.M.A. No. 247 of 1998 is filed against the order in I.A. No. 303 of 1998 in the same suit. That is an order by which attachment before judgment of certain properties was made absolute. In A.S. No. 1020 of 1998, the order challenged is the order in I.A. No. 736 of 1998, which is a claim petition filed by the appellant regarding the properties attached and made absolute as per the order in I.A. No. 303 of 1998. The claim petition was dismissed. Hence the appeal is filed. These two appeals are filed against the interim orders in O.S. No. 33 of 1998 on the file of the Principal Sub Judge, N. Paravur. C.M.A. No. 247 of 1998 is filed against the order in I.A. No. 303 of 1998 in the same suit. That is an order by which attachment before judgment of certain properties was made absolute. In A.S. No. 1020 of 1998, the order challenged is the order in I.A. No. 736 of 1998, which is a claim petition filed by the appellant regarding the properties attached and made absolute as per the order in I.A. No. 303 of 1998. The claim petition was dismissed. Hence the appeal is filed.

(2.) First respondent in A.S. No. 1020 of 1998 and the respondent in C.M.A. No. 247 of 1998 - P.K.V. Group Industries - is the plaintiff. The suit was filed for realization of balance amount from the defendant Jikku Chit Fund (Pvt.) Ltd. According to the plaintiff, an amount of Rs. 3,83,250/- is due from the defendant. A petition for attachment was filed on the ground that the property in the schedule belongs to Jikku Chit Fund. Jikku Chit fund is a Company incorporated under the Indian companies Act. In the objection to the attachment, among other things, it was contended that the schedule property belongs to the Managing Director Kuriakose and it cannot be attached for the debts of the Company. The learned Sub Judge, who heard the matter, took the view that under Section 322 of the Indian Companies Act, the liability of the Director is unlimited and hence held that the property can be attached. It was at that time that the claim petition was field by the Managing Director - Kuriakose.

(3.) In the claim petition, evidence was adduced to show that the property was purchased personally by Kuriakose. Ext. A1 is the copy of the sale deed in favour of the appellant. Ext. A2 is the certificate issued by the Federal Bank showing that the title deed is deposited in the Bank as security for the purpose of the loan granted to the appellant. It is dated 5.5.1986. Ext. A3 is the tax receipt for the payment of tax of the property in the name of the appellant. Ext. A4 shows that the Chit Fund was incorporated as a Company under the Companies Act and the certificate was issued by the Registrar of Companies, Delhi & Haryana. Thus, the Exhibits clearly shows that the property belongs to Kuriakose and the Chit Fund is a company incorporated under the Companies Act.