NDLI: M/s Oriental Kuries Ltd. Represented By Its Chairman P. D. Jose Vs. Lissa & Ors.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Chits Funds Act 1982: s.32
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Chits Funds Act, 1982: s.32 – Jural relationship between a chit fund entity and subscribers created by chitty agreement – Whether by entering into a chitty agreement, a debt is not created at once by the subscriber with respect to the amount of all the future instalments – Held: Where a contract provides for payment of money in installments, and contains a stipulation that on default being committed in paying any of the installments, the whole sum shall become payable at once, such a stipulation is not in the nature of penalty – The provisions of Chapter V of the 1982 Act clearly stipulate that if a prized subscriber defaults in making payment of an installment, the chit foreman has the right to recover the amount covering all future subscriptions from the defaulting subscriber as a consolidated amount – The object is to empower the foreman to recover the amount in a lump sum from a defaulting subscriber, so as to secure the interest of the other subscribers, and ensure smooth functioning of the Chit Fund – Such a provision would not amount to a penalty – The stipulation of empowering the foreman to recover the entire balance amount in a lump sum, in the event of default being committed by a prized subscriber, is to ensure punctual payment by each of the individual subscribers of the chit fund – Without punctual payments, the system would become unworkable, and the foreman would not be in a position to discharge his obligations to the other members of the chit fund – Thus, the relationship between a chit subscriber and the chit foreman is a contractual obligation, which creates a debt on the day of subscription – On default taking place, the foreman is entitled to recover the consolidated amount of future subscriptions from the defaulting subscriber in lump sum.
Judge	Hon'ble Ms. Justice Indu Malhotra
Neutral Citation	2019 INSC 1211
Petitioner	M/s Oriental Kuries Ltd. Represented By Its Chairman P. D. Jose
Respondent	Lissa & Ors.
SCR	[2019] 15 S.C.R. 258
Judgement Date	2019-11-06
Case Number	5401

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