OFFICIAL LIQUIDATOR HIGH COURT MADRAS AS THE LIQUIDATOR OF R P S BENEFIT FUND LIMITED Vs. K TAMILSELVI KANCHEEPURAM

JUDGEMENT

(1.) THIS application has been taken out by the Official Liquidator, seeking for the following reliefs: -

(2.) IN the report of the Official Liquidator filed in support of the application, it is stated that on a perusal of the records of the Company in liquidation and Statement of Affairs filed on 4.10.1999 by the President of the Company in liquidation, it came to light that the respondents are debtors of the company under the registered mortgage and equitable mortgage in respect of two loan accounts, viz.,(i) A/c. No.H.O.264 dated 17.12.1994 under which, a sum of Rs.50,000 was borrowed and (ii) A/c. No.H.0.265, dated 17.12.1994, under which, a sum of Rs.2,50,000 was borrowed. It is further stated that in respect of the above said two loans, a mortgage deed has been registered in favour of the Company in liquidation for a sum of Rs.50,000 and a promissory note has been executed by depositing title deeds of the schedule mentioned property in respect of the sum ofRs.2,50,000.

(3.) SUBSEQUENTLY, the first respondent took the stand that the second loan of Rs.2,50,000 was not really availed by her, that the said amount of Rs.2,50,000 was by way of sale consideration in respect of two properties in S.Nos.145/1 and 145/2 executed by her father. In the light of the said stand taken by the first respondent, the copy of the sale deeds were called for, which disclosed that for execution of the above referred to sale deeds, the father of the first respondent, one Thiru Kanniappan received Rs.1,50,000 on 21.8.1995 and Rs.l,10,000 on 11.9.1995 respectively. The documents themselves disclose that the payments were made by cash. Those payments related to the property in S.No. 145/2. In respect of the property in S.No.145/1, a sale consideration of Rs.3,52,000 was paid by cash as disclosed in the document. Accordingly, an order came to be passed on 30.10.2003 wherein, this Court brought down the liability from 20,72,989 (which was calculated as payable upto 31.8.2003) to Rs.5,02,620. In the said order, the respondents were directed to pay the said amount by 11.11.2003 by cash and failing which, it was stated that coercive action would be taken to recover the money. Thereafter, since the respondents failed to pay the said liability as directed above, Non-bailable warrants were issued against the respondents which were also executed.