Actress
and
Samajwadi
MP
Jayapradha
on
Friday
settled
all
her
dues
and
property
tax
arrears
for
Rs.25,20,000
in
a
single
payment
to
the
Chennai
Corporation
and
a
private
financier
and
came
out
from
the
threat
of
insolvency.
Recording
the
payments
made
by
her
through
her
senior
counsel,
the
Madras
High
Court
has
set
aside
the
order
of
adjudication
declaring
Jayapradha,
a
partner
of
Jayapradha
Theatre
and
Raj
Theatre
here
as
'insolvent.'
Quashing
the
order,
Justice
V
Ramasubramanian
said,
"In
view
of
all
the
payments
made,
I
considere
that
these
payments
shall
not
prejudice
the
case
of
the
applicants
and
it
shall
be
treated
as
a
compromise."
Accordingly,
he
allowed
the
application
of
Jayapradha
and
condoned
the
delay
of
503
days
in
filing
the
application
seeking
to
set
aside
the
adjudication
order
dated
September
18,
2006.
The
payments
for
Rs10
lakh,
Rs
4,20,000
and
for
Rs
5,00,000
totalling
Rs19,20,000
were
handed
over
to
N
Subramanian,
counsel
for
Chennai
Corporation
towards
property
tax
arrears.
Besides
these,
two
demand
drafts
for
Rs
1,50,000
and
another
for
a
sum
of
Rs
5,00,000
totalling
Rs.6.5
lakh
along
with
accruing
interest,
was
handed
over
to
VK
Elango
counsel
for
creditor
-
M/s
Woodlands
Theatre
for
a
loan
of
Rs
2,84,634.
A
cheque
for
Rs.2,05,033
drawn
in
favour
of
the
official
assignee
S
Sitrasu
has
also
been
handed
over
for
payment
to
the
claim
of
the
Commercial
Tax
Department.
The
senior
counsel
R
Muthukumarasamy
also
paid
Rs1,34,000
representing
the
administration
charges
claimed
by
the
official
assignee.
The
counsel
appearing
for
creditor
agreed
to
receive
the
DD
for
Rs.6.5
lakh
with
'liberty
to
withdraw
the
amount
and
upon
receiving
the
sum,
the
creditor
would
have
no
objection
to
the
court
allowing
Jayapradha's
application.
Subramanian
agreed
not
to
press
the
claim
before
the
official
liquidator.