C T FAISAL Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THESE applications are filed by one C. T. Faisal. The prayer in these petitions is to declare the transaction between the respondent company, the company in liquidation and Kunhammad in connection with the vehicle KL 11 D 9390 as a loan transaction and not one of lease of the vehicle (C. A. No. 749 of 2003); to declare that the respondent company was not entitled to claim or get anything more than a sum of rs. 4,00,000/- advanced as a loan with interest 15. 5% per annum (CA No. 750 of 2003); to direct the respondents to issue H. P. Termination form to the applicant in respect of the vehicle KL 11 D 9390 (CA No. 751 of 2003); and to direct the respondents to refund to the applicant the sum of Rs. 50,683/- with subsequent interest at 15. 5% per annum till payment (C. A. No. 752 of 2003 ).

(2.) THE contentions in these applications is as follows : the applicant herein is the owner of ashok Leyland bus with Chassis no. MYG031224 and Engine No. MYE233584 bearing Registration No. KL 11 D 9390. He had purchased the same from m. Kunhammad, Kozhikode District, paving a sum of Rs. 3, 60, OOO/- to him. It is stated that the applicant is running a public transport service In the Kariyad-Kannur route.

(3.) IT ie stated by the applicant that the original owner Kunhammad paid a sum of rs. 25,000/- to T. V. Sundaram lyengar and sons Ltd. Mudurai, as advance and made a booking for a chassis with Customer Code 2234135 as early as 21-11-1994. The said kunhammad approached the respondent company, now In liquidation, for a loan amount of Rs. 4,00,000/-, since the cost of the vehicle was more. than Rs. 4,5g,474/ -. The said Kunhammad was provided with a loan amount of Rs. 4,00,000/- with interest at 15. 5% per annum, repayable in four years.