Foreman to claim interest and penalties, if any, payable or in
default of payment of instalment and such other amounts as may be
payable ... Foreman of the chitty and the first respondent is a
defaulted subscriber. In the circumstances, the appellant is entitled to get
back an amount
subscriber, past subscriber or a person claiming
through a subscriber, or a deceased subscriber to a chit;
(b) a surety of a subscriber, past subscriber ... from a subscriber, or due from him to a subscriber, past subscriber or
the nominee, heir or legal representative of a deceased subscriber
whether such
case,
the Tribunal was right in treating the payments due
from defaulting subscribers as bad debt, when three
is no relationship of creditor and debtor
provisions of the Chit Funds
Act, 1982 . The accused had subscribed for a chit group
bearing No.GIT02J-49 with the Ticket ... examination PW.1 mainly attacked him
by the accused that when subscriber defaulted in paying
future subscription chit premium amount, the said firm
issued notice
following, namely:-
(a) a foreman, a prized subscriber or a non-prized
subscriber, including a defaulting ... subscriber, past subscriber or a
person claiming through a subscriber, or a deceased subscriber to a
chit;
(b) a surety of a subscriber, pas subscriber
agreement for, or with a view to, acquiring,
disposing of, subscribing for, or underwriting shares or
debentures; or
(b) any agreement the purpose or pretended ... investors to
subscribe its shares offered through the said prospectus. By
doing so, the Accused No. 1 to 7 have committed default
under Sections
demonetization of money, many of the
25
subscribers of the chits, who were paying in cash started
defaulting in payment of monthly installments. That apart ... before the Indiranagar Police Station when
many subscribers of Chit Fund Companies started complaining
regarding the default of the Company. The first respondent-
Police registered
submitted that the co-accused of this accused-petitioner have been
granted default bail by the learned court below in connected cases as the
complainant ... Standing Counsel,
CGST, Mr. Keyal has subscribed to the fact that co-accused persons have been
granted default bail by the learned court below
guarantor to one person
named Mrs.Sunith Babu who was a subscriber of a chit conducted by
the Company. The sala of the chitty ... terminated on 26.02.2011. The
subscriber thereof received the chit amount, but later she defaulted the
re-payment of monthly installments. The 1 st respondent herein
default bail to which
submission, this Court also subscribes. Therefore, the petitioner is granted default bail.
Accordingly, the accused-petitioner, named above, shall be released
