Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2020 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 424 - AT - Companies LawAdvance Deposit - Section 2(31) of the Companies Act, 2013 read with Rule 2(c)(xii)(b) of the Companies (Acceptance of Deposits)Rules, 2013 - main contention was that the advance against immovable property is deposit and such deposit was given to 1st Respondent based on fraudulent representations of 2nd and 3rd Respondent as their sole intent was to defraud the appellant - HELD THAT:- The appellant has raised the issue of ‘deposit’ in its Company Petition. But this issue has not been determined by the NCLT. Such determination will requiring looking into the facts and the nature of the transactions which may call for more submissions to be examined to arrive at a conclusion. In absence of such exercise having not been done by NCLT, we are unable to express our opinion on this issue. Matter remanded back to NCLT to decide whether the advance received by the Respondent against allotment of flat is ‘deposit’ in terms of Section 2(31) of Companies Act, 2013 read with the Rule 2(c)(xii) of the Companies (Acceptance and Deposits) Rules, 2014 and whether the Tribunal has the jurisdiction under the Companies Act, 2013 - Appeal allowed by way of remand.
|