PUNYAMUTHULA VENKATA VISWA SUNDARA RAO AND ANOTHER Vs. M/S. MARGADARSI CHIT FUND PRIVATE LIMITED AND OTHERS

JUDGEMENT

(1.) These three civil revision petitions arise out of three E.Ps. Nos.4, 7 and 6 of 2016 in AACFs. Nos.82 of 2012, 165 of 2013 and 82 of 2012, respectively, which are filed to execute the order passed against all the judgment debtors in the Arbitration proceedings before the Deputy Registrar of Chits and Arbitrator under Chit Fund Act 1982, (for short 'the Deputy Registrar') Kakinada, in AACF.No.82 of 2012 on 14.07.2014.

(2.) The revision petitioners are the judgment debtors and the 1st respondent, M/s. Margadarsi chit funds Private Limited, is the decree holder. (To suit the convenience in the context, the parties hereinafter would be referred to as the judgment debtors and the decree holder.)

(3.) The facts leading to these revisions may be briefly stated thus. The decree holder represented by its Principal Officer and Manager, Kakinada, obtained the award against the principal debtor and all the judgment debtors, who include these revision petitioners, figured as judgment debtors 2, 3 and 6, respectively. The Deputy Registrar made an order under Sec. 69 of Chit Funds Act, 1982 (for short 'the Act') ordering that the judgment debtors 1 to 6 shall pay to the decree holder a sum of Rs.7,09,701/- with interest at 18% per annum on the principal amount of Rs.6,42,475.00 from the date of raising of the dispute i.e. 14.09.2012 till the date of realization apart from costs of Rs.10,880.00.