The present Appeal arises out of a Chit Fund companyducted by Signature Not Verified the Appellant, a chit fund entity.
The first Suit bearing O.S. No.
The Appellant being a trading companypany, was exempted under Section 13 1 e of the Companies Act, 1956 from specifying the States to which the objects would extend in the Memorandum and Articles of Association.
83,820.68/ with Interest 12 on a sum of Rs.
The learned Single Judge of the High Court dismissed both the Appeals filed by the Respondents vide a companymon Judgment and Order dated 27.06.1994.
2.1 The Appellant chit foreman instituted two Suits against the Respondent subscribers before the Subordinate Judge, Thrissur, Kerala.
The Respondents were subscribers of the chit fund.
In O.S. No.
326/1992 and A.S. No.
The duration of the chit Digitally signed by INDU MARWAH Date 2019.11.07 095824 IST Reason fund was from 1978 to 1990.
548/1987, the Respondents were directed to pay the Appellant Company a sum of Rs.
346/1992 before the Single Judge of the Kerala High Court.
The dispute between the parties got resolved during the pendency of the present appeal.
In O.S. No.
During the subsistence of the chit fund, the Respondents defaulted in the payment of 12 installments from 24.11.1981 to 24.11.1984.
40,915/ with Interest 12 on the sum of Rs.
63,800/ from the date of filing of the Suit till the date of decree, and thereafter Interest 6 per annum from the date of the decree till the date of realization.
2.5 Aggrieved by the judgment of the Division Bench, the Appellant chit fund companypany filed the present Special Leave Petition.
34,800/ from the date of filing the Suit till the date of decree, and thereafter Interest 6 per annum from the date of the decree till the date of realization.
2.3 Aggrieved by the aforesaid Judgment and Decree dated 09.04.1990 passed by the Subordinate Judge, Thrissur, the Respondents herein filed two Appeals bearing A.S. No.
This Honble Court vide Order dated 10.08.2009 granted special leave to appeal.
323/1984, the Respondents were directed to pay the Appellant Company a sum of Rs.
Reliance was placed by the Single Judge on the Full Bench decision of the Kerala High Court in P.K. Achuthan and Anr.
INDU MALHOTRA, J. The issue which has arisen for companysideration in the present Civil Appeal is with respect to the jural relationship between a chit fund entity and the subscribers, created by a chitty agreement and whether it is a debt in prasenti or a promise to discharge a companytractual obligation.
