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Judgment
Vijay Bishnoi, J
This special appeal has been filed by the appellant-firm being aggrieved with the order dated 24.01.2020 passed by the learned Single Judge of this Court, whereby S.B. Company Application No.5/2019 filed by the appellant-firm under Rule 9 of the Companies (Court) Rules, 1959 (hereinafter to be referred as ‘the Rules of 1959’) read with Section 151 CPC was disposed of with a direction to the respondent-Official Liquidator to pay 4% interest, on agreed claim, to the appellant-firm from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend i.e. 08.04.2019 in accordance with the Rule 179 of the Rules 1959.
Brief facts of the case are that the appellant-firm, which is an unsecured creditor, moved above referred application under Rule 9 of the Rules of 1959 read with Section 151 CPC with a prayer to direct the respondent-Official Liquidator to release the claim of interest of the appellant-firm on the amount remitted to it after the order of winding up of the company was passed by this Court. The said application came to be disposed of by the learned Single Judge vide order dated 24.01.2020 while observing that the appellant-firm being unsecured creditor is entitled for 4% interest per annum and directed the respondent-Official Liquidator to pay interest at the rate of 4% to the appellant-firm from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend i.e. 08.04.2019. The said direction was issued by the learned Single Judge after taking into consideration the Rule 179 of the Rules of 1959.
After attempting to argue the matter for quite some time, learned counsel for the appellant-firm has failed to convince this Court that the appellant-firm is entitled for the interest at an increased rate than the rate of 4% per annum, however, it is argued that the learned Single Judge has erred in directing the respondent-Official Liquidator to pay the interest till the date of declaration of dividend i.e. 08.04.2019.
Learned counsel for the appellant-firm has submitted that the respondent-Official Liquidator is bound to pay the interest to the appellant-firm along with the agreed claim amount, however, as the respondent-Liquidator has failed to pay the same, the learned Single Judge ought to have directed the respondent-Official Liquidator to pay the interest up to 24.01.2020, the date when the application under Rule 9 of the Rules of 1959 read with Section 151 CPC preferred by the appellant-firm was disposed of by it.
Learned counsel for the appellant-firm has submitted that the appellant-firm is deprived of interest from 08.04.2019 to 24.01.2020 only on account of inaction on the part of the respondent-Official Liquidator.
Opposing claim of the appellant-firm, the respondent-Official Liquidator Mr. D.K. Meena, present in person, has argued that he was not in a position to release a single penny without the order of the Court and as soon as the Court ordered for paying amount of interest vide order dated 24.01.2020, the same was paid in February 2020 itself. It is further argued that as a matter of fact, the respondent-Official Liquidator cannot pay interest amount without the order of this Court and as soon as the order is received, the same is paid without any delay and as such there is no omission or inaction on the part of respondent-Official Liquidator.
Mr. D.K. Meena, the respondent-Official Liquidator has also informed this Court that he has approached this Court by moving appropriate application seeking directions to pay the interest to the unsecured creditors on their admitted claims but the Court has observed that the order for making payment of interest shall be passed whenever any unsecured creditor approaches the Court.
It is not in dispute that the respondent-Official Liquidator cannot disburse any amount unless this Court directs to do so.
Having heard learned counsel for the parties and after taking into consideration the above mentioned facts and circumstances of the case, this Court is of the opinion that the delay in payment of interest cannot be attributed to the respondent-Official Liquidator as he has no capacity to release any amount without permission of this Court. The amount of interest was paid to the appellant-firm immediately after passing of the order dated 24.01.2020.
Hence, we don’t find any merit in this special appeal and the same is hereby dismissed.