TMI Blog1936 (5) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... and Rs. 824 interest. Eleven shares stood in the name of the respondent firm. The value of each share was Rs. 500, and Rs. 50 on each share were paid as application and allotment money. A call for Rs. 150 per share was made by the Board of Directors on the 16th May, 1928, but the respondent did not pay it. The petition went on to state that the respondent's name had been duly placed on list B of contributories and that he was liable to pay the amount applied for. It was further claimed that as he had failed to pay the call money on the 16th May, 1928, the petitioner was entitled to charge interest at the rate of 12 per cent. per annum from the 17th July, 1928, the date fixed for payment. Finally it was said that the Liquidator was entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sahib L. Pars Ram Brij Kishore which was heard by a single Judge of this court. The contention raised by the appellant was that the claim sought to be enforced was for the payment of a debt in respect of calls before the Company went into liquidation which were barred by limitation. The learned single Judge remarked that he thought that if the liquidator was forced to rely on the debt created by the original call on the shares in 1928 this argument would prevail. He then went on to state that the argument for the liquidator was that his claim was not on foot of the debt, but was for contribution under section 156, which, it was well-settled, created a new liability. He held that the appellant came within the terms of section 156, and that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the liabilities could not be met from the existing members. This may or may not be so, but it is not disputed before us that no call has been made on the existing members apart from a call of Rs. 150 per share. It was never the case of the Liquidator before the District Judge that he had exhausted list A and no opportunity was thus given to Rai Sahib L. Pars Ram Brij Kishore to adduce evidence on the point. It is unnecessary to do so now as the facts are not disputed and it is not alleged that the existing members have been called upon to contribute to the full extent of the unpaid amounts of their share money. It may be the case that the existing members may not be able to satisfy the contributions required to be made by them in pursuan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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