Court Accepts Respondent's Settlement Offer for Rs. 15,000 The court accepted the respondent's offer for a full and final settlement of Rs. 15,000 under sections 446 and 447 of the Companies Act, 1956, concluding ...
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Court Accepts Respondent's Settlement Offer for Rs. 15,000
The court accepted the respondent's offer for a full and final settlement of Rs. 15,000 under sections 446 and 447 of the Companies Act, 1956, concluding that no further amount was due from the respondent. The application for payment was disposed of accordingly.
Issues: Claim for payment under sections 446 and 447 of the Companies Act, 1956.
Analysis: The applicant sought relief under sections 446 and 447 of the Companies Act, 1956, requesting the respondent to be summoned and examined to fix liability for a specific amount. The respondent claimed to have made partial payments and provided receipts as evidence. The court found that certain amounts could not be set off as they were not related to the loan. The respondent admitted depositing Rs. 10,000 and argued repayment of the loan in monthly installments, although lacking proof. The respondent, an ex-military personnel, made additional deposits after the claim was filed. The court, considering the circumstances, accepted the respondent's offer for a full and final settlement of Rs. 15,000, concluding that no further amount was due from the respondent. The application was disposed of accordingly.
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