DEEPAK LOHIA Vs. KAMRUP DEVELOPERS P. LTD.

JUDGEMENT

(1.) These two appeals, under Section 10F of the Companies Act, 1956 (in short "the Act"), are directed against the orders dated June 15, 2004, passed in C.A. No. 41 of 2004 and dated July 19, 2005, passed in C.A. No. 99 of 2005, by the Company Law Board, both arising out of C.P. No. 82 of 2000. By order dated June 15, 2004, which is the subject-matter in Company Appeal No. 8 of 2004, the Company Law Board has rejected the application, registered and numbered as C.A. No. 41 of 2004, filed by the appellant, praying for a direction for adjustment of the amount paid by respondent No. 1, pursuant to the Company Law Board's order dated December 31, 2001, passed in C.P. No. 82 of 2000 Deepak Lohia v. Kamrup Developers P. Ltd., 2003 116 CompCas 188, which was affirmed by the company judge of this Court in Company Appeal No. 1 of 2002 vide judgment dated January 29, 2004, first against the interest payable on such amount then against the principal, with a further prayer for injunction and appointment of receiver till the entire amount is paid. By order dated July 19, 2005, passed in C.A. No. 99 of 2005, registered on the basis of the application filed by respondent No. 1, praying for waiver of interest on the amount payable to the appellant in terms of the aforesaid order dated December 31, 2001, which is the subject-matter in Company Appeal No. 4 of 2005, the Company Law Board restricted the payment of interest at 20 per cent, per annum up to August 31, 2002, with a further direction to pay the same by September 15, 2005. Since the aforesaid orders under challenge in these appeals arise out of C.P. No. 82 of 2000, both are taken up together for hearing and disposal, as agreed to by learned Counsel for the parties.

(2.) The facts relevant for the purpose of the present appeals may be summarised as under:

(3.) I have heard Mr. S.N. Mukherjee, learned senior Counsel appearing for the appellant, Mrs. M. Hazarika, learned senior Counsel appearing for respondents Nos. 1 and 3, Mr. K. Agarwal, learned Counsel appearing for respondents Nos. 8 to 20, Mr. R.J. Baruah, learned Counsel appearing for respondents Nos. 2 and 4 and Mr. K. Goswami, learned Counsel appearing for respondents Nos. 21 to 30.