VIJAY KHANNA Vs. DEEPA BAJAJ

JUDGEMENT

(1.) Heard.

(2.) By this Notice of Motion, the applicants against whom the Insolvency was annulled have applied for reduction in the rate of interest determined by the Official Assignee while holding that the claimant has proved her claim. The main objection of the learned Counsel is that the Official Assignee has determined interest at the rate of 18% per annum from the date of dishonour of cheques till payment.

(3.) The applicants were declared insolvents. Thereafter, the insolvency was annulled. At the time of annulment, an Indemnity Bond dated 31.10.2006 was submitted to this Court that the Official Assignee may indemnify against any claim which may be received or included in the Schedule or any other creditor of the Official Assignee. One Vandana S. Tejwani, i.e. respondent No. 2 accordingly made a claim in the petition. She submitted that the cheque dated 30.11.2000 was dishonoured on 19.4.2001 and she is entitled to sum of Rs. 50,000/- along with interest at the rate of 18% per annum. Another claim under another cheque for the said amount was also made by her with the same rate of interest.