T. K. R. Annamalai Through Partner ... vs Coromandel Garments Ltd
2024 Latest Caselaw 3232 Bom

Bombay High Court

T. K. R. Annamalai Through Partner ... vs Coromandel Garments Ltd on 2 February, 2024

Author: Abhay Ahuja

Bench: Abhay Ahuja

                                         1    7 ial 40484-22 in cp 505-06 and ors-os.doc


                       IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                           ORDINARY ORIGINAL CIVIL JURISDICTION

                        INTERIM APPLICATION (L) NO.40484 OF 2022
                                           IN
                            COMPANY PETITION NO.505 OF 2006
                                          WITH
                          INTERIM APPLICATION (L) NO.78 OF 2023
                                           IN
                            COMPANY PETITION NO.505 OF 2006
                                          WITH
                        INTERIM APPLICATION (L) NO.40487 OF 2022
                                           IN
                            COMPANY PETITION NO.505 OF 2006
                                          WITH
                        INTERIM APPLICATION (L) NO.40537 OF 2022
                                           IN
                            COMPANY PETITION NO.505 OF 2006
                                          WITH
                        INTERIM APPLICATION (L) NO.40545 OF 2022
                                           IN
                            COMPANY PETITION NO.505 OF 2006
                                          AND
                        INTERIM APPLICATION (L) NO.40647 OF 2022
                                           IN
                            COMPANY PETITION NO.505 OF 2006

 T.K.R. Exports                     ... Petitioner/Applicant
        Vs.
 M/s Coromandal Garments Limited ... Respondent
                                -------

 Ms. Sunanda Kumbhat with Mr. Kunal Kumbhat, Advocates for the
 Petitioners/Applicants.
 Mr. M. Khan with Ms. Apurva Thipsay, Advocates for the Official
 Liquidator.
 Ms. Nikita Yadav, Assistant Official Liquidator.
                                   -------



   Priya R. Soparkar                                                                  1 of 3


::: Uploaded on - 06/02/2024                     ::: Downloaded on - 23/02/2024 05:23:16 :::
                                        2     7 ial 40484-22 in cp 505-06 and ors-os.doc


                           CORAM :   ABHAY AHUJA, J.

                           DATE :    02 FEBRUARY, 2024.


 P.C. :

1. When the matter is called out, Mr. Khan, learned counsel for the

Official Liquidator seeks to tender across the Bar the replies to the

Applications. Registry to accept the replies.

2. Ms. Kumbhat, learned counsel for the Interim Applicants would

submit that the issue involved is the interest payable on the claims.

Learned counsel would submit that although the agreed interest in the

invoice is 24%, the Official Liquidator is seeking to restrict the same at

4%. Learned counsel seeks to tender across the Bar a compilation of

judgments in support of her contention submitting that twice this Court

has referred the matter to the office of the Official Liquidator to consider

the claim of interest by the Applicants but despite that the Official

Liquidator is taking a stand that the Official Liquidator has power to grant

interest only upto 4%. Mr. Khan alongwith Ms. Thipsay, learned counsel

for the Official Liquidator draws the attention of this Court to Rules 156

and 179 of the Companies (Court) Rules, 1959 to submit that no interest

over 4% can be paid and the Official Liquidator is bound by the same.

   Priya R. Soparkar                                                                  2 of 3



                                          3      7 ial 40484-22 in cp 505-06 and ors-os.doc

However, the learned counsel seeks some time to go through the

compilation of judgments submitted by Ms. Kumbhat.

3. At their request, list on 15th February, 2024.

                                                   (ABHAY AHUJA, J.)




   Priya R. Soparkar                                                                    3 of 3