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2016 (12) TMI 62 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIEnhancement of time for liquidating the liability under the fixed deposits accepted but are unable to repay the proceeds on account of acute financial crises - Held that:- The proposal of the petitioner company for enhancement of time for repayment of the matured deposits in a phased manner over a period of 24 months from the due date is being accepted in principle only in view of their past track record. However, it is also subject to their adherence to the schedule submitted in Court. It therefore becomes imperative to review and accord extension quarterly in terms of the above. The petitioners have also undertaken that in addition to the above schedule they would be making provisions of ₹ 60 lacs per quarter towards Hardship cases. The Company Secretary, its V.P. Finance as well as the Counsel for the petitioner shall review the Hardship applications received every three months. The final disbursal of this Hardship cases shall be on approval of this Bench. The compliance report shall be placed before this Bench for review and quarterly extension of time in terms of the proposal accepted by this Bench today. The same shall be annexed with a certified copy of this order. Affidavit of compliance shall be filed within two weeks of expiry of every quarter for further extension giving the names of all depositors whose liability/extent of liability has been extinguished and/or their remaining liability together with the amount of the next/remaining installment due and the next date on which they are likely to receive further installment of their money.
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