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TMI Blog2013 (12) TMI 1762X X X X Extracts X X X X X X X X Extracts X X X X ..... ls Ltd., being the company in liquidation, one Gopal Kumar Sanei affirmed an affidavit on March 12, 2013, in his capacity as one of the directors of G. S. Fertilizers P. Ltd., a supporting creditor. In the said affidavit it was contended by the supporting creditor that at the request of the company in liquidation G.S. Fertilizers P. Ltd., the supporting creditor, agreed to make an inter-corporate deposit for a sum of Rs. 60,00,000 (sixty lakhs) only, with the company in liquidation for a period of 247 days reckoned from April 28, 2010 to December 31, 2010, at an agreed rate of interest for 19 per cent. per annum. It is claimed by the supporting creditor that the aforesaid term of inter-corporate deposit would be evident from their letter da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt-payment of Rs. 40,00,000 (forty lakhs) only, by RTGS on May 4, 2011, to G. S. Fertilizers P. Ltd. Apprehending that the company in liquidation would not make payment of the interest on the amount paid by the supporting creditor, a letter was addressed to Durgapur Steels Ltd., under registered cover by the learned advocate for the said G. S. Fertilizers P. Ltd. The said letter dated October 31, 2010, has been annexed as annexure D to their affidavit. By the said letter, the learned advocate, Mr. Murali Mohan Ray, demanded a sum of Rs. 17,20,932 (seventeen lakhs twenty thousand nine hundred thirty two only), by way of interest on principal amount being Rs. 60,00,000 (sixty lakhs). Forty lakhs have already been paid, a demand was made for p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. The hon'ble single judge has held that the pleading on the part of the company in liquidation that it has prayed for waiver of interest in paragraph 6 of the affidavit does not make the supporting creditor entitle to claim interest over the principal amount. 7. We have gone through the order passed by the hon'ble single judge and we share the views expressed by the hon'ble single judge only with an exception that the hon'ble single judge has not considered the statement made in paragraph 6 of the affidavit of the company in liquidation affirmed on April 26, 2013 and those made in paragraph 9 thereof. In paragraph 6, the company has stated "I further say that the applicant has prayed for waiver of interest charged a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id rate of interest, we think, should be not less than 10 per cent. per annum and accordingly, we direct the company in liquidation to calculate the total interest payable at the rate of 10 per cent. per annum to the supporting creditor and such payment should be made within a period of 3 (three) months from communication of this order to the company in liquidation. 9. In view of our finding as mentioned hereinabove, we partially modify the order passed by the hon'ble single judge only with regard to the payment of interest and the appeal is accordingly disposed of, however, without any cost. 10. Liberty is granted to the company to pay the amount as indicated in our order by 3 (three) months. In default, liberty is granted to the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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