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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.