GENERAL MANAGER DISTRICT INDUSTRIES CENTRE Vs. M/S. PUNJAB ELECTRO OPTICS LTD. (IN LIQUIDATION) AND ANOTHER

JUDGEMENT

(1.) THE Official Liquidator (OL) moved an application before the learned Company Judge seeking permission to release amounts to the secured creditors in pursuance to the accounts formulated by the Chartered Accountant appointed by the OL. Since the requisite amounts were available, the learned Single Judge in terms of the impugned order dated 6.12.2011 permitted release of the amounts to Punjab National Bank, one of the secured creditors, in terms of the decree passed in favour of the Bank but as informed to us, interest was paid only till the date of winding up order. As far as the appellant is concerned, the principle amount was directed to be released as the loan was a interest free loan. The appellant is aggrieved by non -grant of interest on the principle amount. It is the contention of the learned Additional Advocate General that the interest is payable as there was default in payment of the amount even though the amount was advanced as a interest free loan.

(2.) THERE is an impediment for the appellant at the threshold in view of the appeal being barred by 184 days, for which an application under Section 5 of the Limitation Act, 1963 has been filed. A perusal of this application shows that the appellant took no steps till 2.2.2012 qua the impugned order dated 6.12.2011 whereupon it sought copy thereof from the OL. It was certainly not the responsibility of the OL to supply a copy and the appellant obtained a copy from the Judicial Branch of this Court on 13.2.2012. Thereafter, again there is complete silence for almost four months as it is averred that, vide letter dated 7.6.2012, information was sought from the OL regarding payment of interest. The original agreement was sought, vide letter dated 30.7.2012. Again there is silence for more than three months when the Director of Industries, Punjab, vide letter dated 7.11.2012, advised filing of appeal. The appeal was filed only on 25.1.2013.

(3.) WE have set out the aforesaid dates to show that there is no cogent explanation whatsoever for this inordinate delay in filing the appeal of 184 days. The usual explanation of Government delays is no more acceptable in view of the judgment of the Hon'ble Supreme Court in Office of the Chief Post Master General and others Versus Living Media India Ltd. and another, : 2012 (2) SCT 269, paras 12 and 13 whereof read as under: -