APHC010639982023 IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI (Special Original Jurisdiction) [3508] MONDAY ,THE TWENTY SEVENTH DAY OF JANUARY TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE R RAGHUNANDAN RAO THE HONOURABLE SRI JUSTICE MAHESWARA RAO KUNCHEAM CIVIL REVISION PETITION NO: 1387/2024 Between: Margadarsi Chit Fund Pvt. Ltd., ...PETITIONER AND Mr Maguluri Bhaskar Prasad and Others ...RESPONDENT(S) Counsel for the Petitioner: 1. P DURGA PRASAD Counsel for the Respondent(S): 1. KANYADHARA DHARMENDRA 2. The Court made the following Order: (per Hon’ble Sri Justice R. Raghunandan Rao) Notice was sent to the respondents by way of registered post as well as by way of publication in the local newspaper. Despite service of notice, none of the respondents have chosen to appear before this Court. 2. Respondent No.1 had participated in a chit, organized by the petitioner herein and was declared as the prize subscriber, for a sum of Rs.28,95,210/-. The said prize amount was paid by the petitioner to the 1st respondent, by way of cheque, dated 23.10.2020, drawn on Karur Vysya Bank, Labbipet Branch. As the subsequent 11 installments were not paid, the petitioner filed A.C.P.No.258 of 2022, before the Deputy Registrar of Chits/Arbitrator at Vijayawada, under Section 64 and 66-A of the Chit Funds Act, 1982, for recovery of Rs.36,06,219/- with costs and for interest @ 18% per annum on the principal amount of Rs.29,81,820/-, from the date of filing of the dispute to the date of realization. 3. The petitioner also obtained attachment of two properties belonging to the 3rd respondent. It may be noted that the 3rd respondent, who is the wife of the 1st respondent had stood guarantee, for repayment of the chit subscription amount, by the 1st respondent, had mortgaged the said properties as part of such surety. 4. The respondents, had thereafter, moved I.A.No.225 of 2023 in I.A.No.24 of 2023 in A.C.P.No.258 of 2022 before the Deputy Registrar of Chits, seeking raising attachment over Item No.I of the suit schedule property, which was attached. The respondents contended that item No.2 property was sufficient security for repayment of the amounts claimed by the petitioner and that the respondents were seeking to sell item No.1 property and utilize the said sale proceedings for paying an amount of Rs.10 lakhs in favour of the petitioner. The respondent also made a commitment that they would clear the remaining amount, after reconsideration, in six installments. 5. The Deputy Registrar of Chits, accepting the said statements of the respondents, passed an order dated 04.11.2023, raising the attachment against item No.1 of the schedule property. 6. The petitioner contends that the respondents, have not complied with any part of their undertaking and no money has been paid to the petitioner till date, even after more than one year has elapsed, since the date of the order of the Deputy Registrar, Chits. 7. A perusal of the impugned order shows that the Deputy Registrar had raised attachment on the basis of the statements made by the respondents, regarding early repayment of due amounts. In the light of the subsequent inaction in making such payments, which is the basis for such an order, is obviously taken away. 8. In such circumstances, this Civil Revision Petition is allowed setting aside the order, dated 04.11.2023, in I.A.No.225 of 2023 in I.A.No.24 of 2023 in A.C.P.No.258 of 2022. As a sequel, pending miscellaneous applications, if any, shall stand closed. _______________________ R RAGHUNANDAN RAO, J ______________________________ MAHESWARA RAO KUNCHEAM, J RJS HON’BLE SRI JUSTICE R. RAGHUNANDAN RAO & HON’BLE SRI JUSTICE MAHESWARA RAO KUNCHEAM CRP.No.1387 of 2024 (per Hon’ble Sri Justice R. Raghunandan Rao) Dt: 27.01.2025 RJS