VIJAYAKUMAR Vs. M/S.CATHEDRAL CHITS PRIVATE LIMITED

JUDGEMENT

(1.) This appeal has been filed questioning the order dtd. 29/10/2018 in application No.193 of 2010 in IP No.99 of 1997.

(2.) The appellant herein as third party to the proceedings in IP No.99 of 1997, had filed an application in A.No.193 of 2010 seeking to direct the Official Assignee to release the subject property at Flat No.3A, III Floor, Parkland Apartments, No.2, Kamalabai Street, T.Nagar, Chennai - 17.

(3.) The appellant herein had entered into an agreement of sale, dtd. 28/1/1992, with Titus Eapen, the third respondent herein, with respect to Flat No.3A, III Floor, Parkland Apartments, No.2, Kamalabai Street, T.Nagar,Chennai - 17, for a total consideration of Rs.9,00,000.00. IP No.99 of 1997 had been filed by the first and second respondents herein, M/s. Cathedral Chits Private Limited, represented by its Director K.V.Thomas and M/s.MBF Chits Private Limited, represented by its Director K.V.Thomas, seeking to adjudicate the third and fourth respondents herein, Titus Eapen and Sheela Eapen as insolvents. In the petition, it had been stated that the said respondents, Titus Eapen and Sheela Eapen were carrying on business in finance and stock broking and joined in the chit business of the petitioning creditors and had also bid at the auction and had taken the prize money. They had then failed to repay the same. The petitioning creditors then filed petitions before the Registrar for Central Madras Chit Fund cases and obtained orders for payments of the amounts due.