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2019 (12) TMI 1432 - Tri - Companies LawSeeking direction to make repayment of the deposit(s)/debenture(s) along with interest due - section 71(10) of the Companies Act, 2013 read with rule 73 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- It is not case of even the petitioners that the company has resorted to misappropriation/fraud in order to deny the claim of the petitioners. The financial status of the company discloses that the company is suffering substantial losses leading to severe financial distress making it unable to pay its stakeholders. Since the issue is not exclusively confined to the petitioners, as several similarly situated stakeholders, as per the list enclosed to the petition, the efforts being by the company like to explore the possibility of settlement, refer the matter to arbitration, selling properties of the companies, are appropriate/plausible steps to be pursued so as to find solution to the entire issue. The basic facts as contended by the petitioners, prima facie, are not in dispute. While deciding an application/petition filed under section 71(10) of the Companies Act, 2013 read with rule 73 of the NCLT Rules, 2016, the Tribunal has to consider financial status of company, the interest of all stakeholders, etc., before ordering to repay the outstanding standing exclusively in respect of the petitioners. The reasons furnished by the company for its failure to redeem debentures, pay interest of NCDs in question, are convincing. Therefore, it would be just and proper to grant six months' time tentatively to the company to explore all possibilities of settlement of the claims of the petitioners along with all similarly situated claimants. The respondent-company is hereby granted six months' time, pro visionally from today, so as to explore all possibilities of settlement of claims of the petitioners along with other similarly situated claimants.
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