DHARMARAJAN Vs. IMPERIAL CHIT FUND

JUDGEMENT

(1.) ON a claim preferred by the Official Liquidator, a learned single judge of this Court passed a decree against the appellant for a sum of Rs. 13,600/- with interest at the rate of 6 per cent per annum from 16-2-1972. The claim is that the said amount is due from the appellant to a company in liquidation. The appellant's plea of discharge was found against by the learned Judge. Hence this appeal.

(2.) THE appellant was a subscriber of a kuri conducted by m/s. Imperial Chit Funds (Pvt.) LTD. (hereinafter referred to as 'the company')and he prized the said kuri on 16-9-1971 for a bid amount of Rs. 7480/ -. He executed ext. B2 bond undertaking to pay off the future instalments without default. THE company was ordered to be wound up on 18-4-1973. THE Official Liquidator, on finding from the books of accounts of the company that the appellant defaulted the instalments from 7th to 40th, issued a demand notice on 3-1-1974 calling upon the appellant to pay the defaulted instalments. As the demand was not complied with, the Official Liquidator preferred the said claim petition on 30-3-1976 for the grant of a decree for Rs. 13,600/- with interest and costs.

(3.) THE former Managing Director of the company was examined as P. W. 1. THE appellant was examined as R. W. 1. Ext. A1 is the written explanation which P. W. 1 gave to the Official Liquidator.