The Official Liquidator v. M/S.J S Auto Cast Fountry

ORDER This Company Application has been filed for the following reliefs: a) To direct the respondents /debtors company to pay the outstanding due amount of Rs.1,92,33,249.03 along with subsequent interest @ 18% p.a.till the date of final payment towards entire settlement, b) To attach the Personal Properties of the 2nd and 3rd respondents who stands as personal guarantors for default in repaying the outstanding dues, Page3 of 5 c) To direct the respondent to surrender the assets in term of clause 13 of the Equipment Lease Agreement Nos.2 and 7, d) To permit the Official Liquidator, in case of default in making payment of outstanding dues pertain to Hire Purchase Agreement Nos.5,6 & 8 to seize the Asset & Machinery as per Schedule to the Agreement and to take possession of the same, e) To permit the Official Liquidator to meet the cost of this application comes out of the funds of the Company in Provisional Liquidation.

¶2Heard both sides.

¶3In the instant application, a report has been filed by the Official Liquidator, wherein it has been indicated that the applicant, who is the debtor, has an outstanding amount of Rs.53,07,023.57/- payable, and verification of the records has also given a calculation of interest at various rates. However, this Court is of the considered view that, taking into consideration that the sum of Rs.12,82,362.42/- was due on and from 01.01.2017, and calculating interest at the rate of 8.5% per annum, which comes to Rs.10,46,681.48/-, and the Agreement Nos.2 and 7, the depreciated value which had been arrived at Rs.40,24,661.15/-, interest at the rate of 6% per annum on and from 01.02.2015 and 01.12.2015 respectively, an interest component of Rs.27,66,976.10/- is arrived. Page4 of 5

¶4In that regard, this Court is of the view that the applicant could be directed to pay a sum of Rs.91,20,681.15/- (Rupees Ninety One Lakhs Twenty Thousand Six Hundred and Eighty One and Fifteen Paisa only), which is the principal plus interest, the 1st respondent is liable to pay and on such payment, the entire dues could be declared to have been settled.

¶5Accordingly, the application stands disposed of with a direction to the 1st respondent to pay a sum of Rs.91,20,681.15/- (Rupees Ninety One Lakhs Twenty Thousand Six Hundred and Eighty One and Fifteen Paisa only) within a period of eight (8) weeks from the date of receipt of a copy of this order. On payment of such amount, the liability of the 1st respondent shall stand discharged. No costs.

14-08-2026 Index: Yes/No Speaking/Non-speaking order kak COMP.AoNo.o263oofo2018 K.KUMARESHoBABU,oJ. kak COMP.AoNo.o263oofo2018 in C.P.No.255oofo2014 14-08-2026 Page5oofo5

Page1 of 5 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 14-08-2026 CORAM THE HON'BLE MR.JUSTICE K.KUMARESH BABU in C.P.No.255 of 2014 The Official Liquidator, High Court, Madras, as the Liquidator of M/s.First Leasing Company of India Limited (In Provisional Liquidation) ..Applicant(s) Vs 1. M/s.J S Auto Cast Foundry India Ltd., Represented by its Managing Director, Shri,S.Jeevanantham Having its Registered office, SF No.165/1, Sembagounden Pudur, Kuppepalayam, Coimbatore- 641 107. 2. Shri S.Jeevanantham 3. Smt.J.Shanthinimala ..Respondent(s) Judge's Summons filed under Section 446 (2) and 460 (4) of the Companies Act, 1956 read with rules 9, 11 (b) of Companies (Court) Rules 1959, praying for the following reliefs: a) To direct the respondents /debtors company to pay the outstanding due amount of Rs.1,92,33,249.03 along with subsequent interest @ 18% p.a.till the date of final payment towards entire settlement. b) To attach the Personal Properties of the 2nd and 3rd respondents who stands as personal guarantors for default in repaying the outstanding dues, Page2 of 5 c) To direct the respondent to surrender the assets in term of clause 13 of the Equipment Lease Agreement Nos.2 and 7, d) To permit the Official Liquidator, in case of default in making payment of outstanding dues pertain to Hire Purchase Agreement Nos.5,6 & 8 to seize the Asset & Machinery as per Schedule to the Agreement and to take possession of the same, e) To permit the Official Liquidator to meet the cost of this application comes out of the funds of the Company in Provisional Liquidation, f) To pass such other order(s) as this Hon'ble Court may deem fit and proper in the circumstances of this case. For Petitioner(s): Ms.B.Ambili Deputy Official Liquidator High Court, Madras For Respondent(s): Mr.Gaurav Chatterjee