TaxTMI 
TaxTMI 
TaxTMI 
2011 (2) TMI 1259
X X X X Extracts X X X X
X X X X Extracts X X X X
....ore in touch with him and has not even bothered to respond to his various letters requiring him to contact him for prosecution of present claim filed by the Official Liquidator against him he may be discharged from this matter as respondent's counsel. He has submitted that in this regard he has already moved separate application also, being Co. Appl. No. 148/2011. He has also submitted that in these circumstances this Court may proceed with the OLs petition which was filed against the respondent for recovery of some money allegedly due from him and to pass any appropriate orders which this Court may deem appropriate. 2. Accordingly I have heard the learned counsel for the Official Liquidator on Co. Appl. (C) No. 8/2010 filed in Co. Pet. No....
X X X X Extracts X X X X
X X X X Extracts X X X X
....3-1997. Since the respondent had not liquidated his aforesaid liability towards the Company under liquidation demand notices were served upon him but he failed to respond to them and consequently the Official Liquidator after taking over the charge of the Company under liquidation filed this petition. 6. Notice of this petition was sent to the respondent who entered appearance through his counsel and had sought time to file reply to the same. However, no reply was filed by him despite sufficient number of opportunities having been given to him. Finally on 24-10-2005 a request made on his behalf for more time for filing of the reply was declined. Thereafter the petitioner (the Official Liquidator) was called upon to file affidavit by way of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....that a sum of Rs. 12 lakhs was advanced to the respondent as a staff loan out of which a sum of Rs. 2,25,000 was repaid by him to the Company and a sum of Rs. 9,75,000 remained unpaid. Therefore, the respondent has become liable to suffer a decree for the aforesaid amount being the principal outstanding loan amount. 9. As far as the claim of interest, which amount appears to be included in the claim of Rs. 11,23,000 is concerned, the petition is silent in respect of any agreement between the Company and the respondent. No loan agreement has been placed on record which might have shown the rate of interest which the respondent had agreed to pay. Learned counsel for the Official Liquidator submitted that interest was being claimed at the ra....