Madras High CourtCOMP.A/424/2022disposed of

The Official Liquidator v. M/S.Hcl Technologies Limited

2024-06-28Honourable Mr Justice Krishnan Ramasamy2 pages

Comp.A.No.424 of 2022 in C.P.No.255 of 2014 KRISHNAN RAMASAMY, J.

This Application is filed for the following reliefs: (a) To take the report filed by the learned Official Liquidator on record. (b) To direct the respondent/debtor to return the asset as per Clause 17 of the Lease Agreement in good working condition and pay a sum of Rs.2,43,87,873.39/- towards dues as mentioned in para.15 along with subsequent Rental @18% p.a. from 01.09.2022 to till the date of returning the asset. (or) In the event of the respondent/debtor intending to purchase the asset, he may be directed to pay Rs.1,81,71,703.67 towards dues as mentioned in para.15 along with subsequent interest from 01.09.2022 to till the date of making the final payment. (c) To permit the Official Liquidator to incur the cost of this application from and out of the funds of the Company in Provisional Liquidation.

2. The learned Official Liquidator submitted that the Respondent is liable to pay a sum of Rs.13,72,044/- towards interest @18% as on 11.05.2016. She further submitted that as far as principal and other amounts payable are concerned, the same have already been paid. A Statement of Accounts has been filed by the learned Official Liquidator to that effect. She further submitted since the Respondent paid the outstanding amount belatedly, they have charged the interest. https://www.mhc.tn.gov.in/judis 1/2

KRISHNAN RAMASAMY, J arr

3. Mr.Srinath Sridevan, learned Senior Counsel for the Respondent submitted that the respondent is ready and willing to pay a sum of Rs.25,00,000/- towards full and final settlement of the entire claims of the Company in liquidation. He further submitted that as far as items of furniture are concerned, now, they have become scrap; however, they are ready to hand over the same to the learned Official Liquidator.

4. In view of the submission made by the learned counsel for the Respondent, the Respondent is directed to pay a sum of Rs.25,00,000/- to the learned Official Liquidator towards full and final settlement of the entire claims of the Company in liquidation, on or before 12.07.2024. As far as the items of furniture are concerned, either the Official Liquidator can fix the place for receiving them from the respondent or the Official Liquidator is permitted to sell it by way of public auction, from the place where these articles are presently kept by the Respondent. This Application is disposed of accordingly.

28.06.2024 arr Comp.A.No.424 of 2022 in C.P.No.255 of 2014 https://www.mhc.tn.gov.in/judis 2/2