MANJU DEVI SINGHANIA Vs. ASSAMBROOK LTD.

JUDGEMENT

(1.) IT is an application filed under Section 634A of the Companies Act, 1956, by the applicants seeking enforcement of the order dated 12 February, 2009, passed by the Company Law Board directing the Respondent -company to pay the deposit amount at the agreed rate of interest till the date of maturity and along with post maturity interest at 10 per cent. from the date of maturity till the date of payment to the applicants, as per orders dated 31 January, 2005, and 30 June, 2008, passed by this bench.

(2.) THE applicants herein are the successors -in -interest of one Som Prakash Singhania, who died on 5 January, 2009. Assambrook Ltd. (Respondent -company) accepted public deposits from the public including the deceased Som Prakash Singhania as tabled below: <FRM>JUDGEMENT_2_LAWS(CL)6_2010.htm</FRM>

(3.) SINCE the present applicants are the legal heirs of late Singhania, filed an application in the year 2009 under Section 58A against the Respondent company for repayment of the deposits as the company failed to repay the deposits along with the interest accrued despite this bench passing several orders from time to time regarding repayment of deposits to the depositors. In pursuance of this, this bench passed an order on 12 February, 2009, directing the company, to repay the deposits on production of indemnity bond by the applicants in accordance with the order dated 30 June, 2008. Though this bench passed a specific order against the company to repay the deposits along with the interest accrued, on the application made by them, the company failed to repay the deposits along with the interest accrued as per the contractual terms of the company till the date of maturity and with interest at 10 per cent from the date of maturity till the date of payment as per order passed by this bench on 30 June, 2009. Hence, the applicants filed this application seeking reliefs as under for realisation of principal sum Rs. 44,68,809 + interest at 10 per cent. per annum from 1 December, 2008 to 1 September, 2009 (total amount Rs. 48,12,418.52) and also of interest at 10 per cent. till the date of realisation along with costs accrued in realisation: