The court dismissed a company application seeking modification of an order passed nearly nine years ago to waive part of interest. The court held there was no reason to modify the earlier order as the interest rate directed (12% p.a.) was reasonable. The application was dismissed without granting any relief.
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THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN
COMPANY APPLICATION No.419 of 2012
In COMPANY APPLICATION No.314 of 2003 In
COMPANY PETITION No.154 of 2000
ORDER:
The order of this Court, in C.A.No.314 of 2003 in C.P.NO.154 of 2000 dated 25.08.2003, required the applicant to pay Rs.32,000/- with interest at 12% p.a. from 23.01.2000 till the date of realization.
The aforesaid order was passed by this Court nearly nine years ago and, at this stage, a request is made to modify the said order waiving a part of the interest. I see no reason to modify the said order passed nearly nine years ago more so the rate of interest directed to be paid was reasonable.
The Company Application is, accordingly, dismissed.
RAMESH RANGANATHAN,J
Date:12.04.2012 usd
1 issue framed by the court
Whether the interest waiver request in a nearly nine-year-old order should be modified.
Applicant
RAMESH RANGANATHAN
As recorded by the court registry
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