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2019 (7) TMI 1190 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHIScheme of Compromise - Scheme of arrangement with the FD holders - maintainability of application - HELD THAT:- The Scheme of Compromise with FD holders is outside the purview of Section 391/394 of the Companies Act, 1956. The legal right available to the FD holders for filing prosecution for non-repayment of Fixed Deposit cannot be withdrawn under any Scheme. The impugned order has rightly protected the interest of the FD holders. Shares already trade are not disturbed to avoid legal complications. If pending litigation shares are received subject to outcome, those shares still in the hands of FD holders on the date of impugned order lose protection and such FD holders cannot insist on holding on to them as Scheme has been rejected. Intervenors whether they fall in one category or the other category as per impugned order dated 12.3.2018 would be regulated accordingly. Application disposed off.
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