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In Re : Unitech Ltd.

2015 (6) TMI 219 - COMPANY LAW BOARD NEW DELHI

Application for extension of time for payment to deposit-holders after maturity - Application u/s 74(2) of the Companies Act, 2013 - Exemption from maintaining liquid assets as required under clause (c), sub-section (2) of Section 73 of the Companies Act, 2013 and Rule 13 of the Companies (Acceptance of Deposit] Rules, 2014 - Whether reschedulement of deposits are allowed in Companies Act, 2013 - Held that:- On seeing innumerable complaints coming from various depositors complaining that this co .....

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from the application that the company is not likely to dear the dues as mandated by the statute, it is understandable that company is genuinely making efforts to clear the dues, if it had cleared the FOs already matured. On the contrary, the company has come with its projections linking payments to the depositors to its projections so as to say it will require time more than that company mentioned in the agreements entered into with the depositors. I made it clear that under new Act there is no .....

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r order of maturity. As to premature deposits, the company has to pay giving priority to date of maturity and date of complaint received by CLB, Ministry of Corporate Affairs, the company and by other Government Authorities. - Decided against the appellant. - C.P. NO.10/18 OF 2015 - Dated:- 22-5-2015 - B.S.V. PRAKASH KUMAR, J. ORDER The applicant company has filed this application u/s 74(2) of the Companies Act, 2013 for seeking extension of time for payment to deposit-holders after maturity, It .....

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utstanding dues of Rs,241,123 crores towards principal and interest outstanding to Bank and Financial Institutions, as mentioned In note 47 to the Financial Statements- The Applicant Company is a going concern and has all intentions to profitably and effectively run the Applicant Company and to pay to its depositors. It further submits that it had been repaying principal sum along with agreed rate of interest regularly without delay since May, 2009. The company accepted the deposits as per the t .....

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om the date of maturity, to pay deposit amount of ₹ 25,001 to ₹ 1,00,000/-, 50% within 15 months from the date of order; remaining 50% within 30 months from the date of order, to pay deposit amount of ₹ 1,00,000/- and above , 30% within lb months from the- date of order, 30% within 30 months from the date of the order and 40% within 42 months from the date of order as to FDs due for the year 2015-16, ₹ 25,000/- shaft be paid within 9 months from the date of maturity, S .....

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f maturity. 3. Some of the depositors have appeared before this Bench. One Shri Nirmal Lamba, Senior Citizen Residing at 24/24, Punjabi Bagh Extn. stated that he deposited ₹ 2,50,000/-[ as' FDR) in the company that was already matured on 5.2.2014. He further submits that his wife has become sick and hospitalized in Shree Ganga Ram Hospital, He says that on 13.2.2014 he made a request to release his FD afready matured and thereafter through emails letters and personal visits, despite hi .....

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as made ₹ 2611 crores turnover in 9 months' period ending 31.12-2014 with profit of Rs,432 crores in 9 months. They say the company has several properties at various places in India. Though the company has not been paying not even to the depositors whose FDS are matured. 5. The Ministry of Corporate vide letter dated 30.4.2015 has forwarded 18 complaints to the company with a request to send an acknowledgement to the complainant within 15 days intimating initiated as also to examine th .....

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on, it appears that the company has defaulted in repaying FDs already matured despite company is making profits. It is hereby clarified that the New Companies Act, 2013 has given a mandate repayment of alt deposits collected within the ambit of repealed Companies Art, 1956 on or before 1-4-2015, notwithstanding the fact whether they are matured or prematured. 7. On seeing innumerable complaints coming from various depositors complaining that this company has not even cleared the deposits already .....

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kely to dear the dues as mandated by the statute, it is understandable that company is genuinely making efforts to clear the dues, if it had cleared the FOs already matured. On the contrary, the company has come with its projections linking payments to the depositors to its projections so as to say it will require time more than that company mentioned in the agreements entered into with the depositors. I made it clear that under new Act there is no provision for reschedule of deposits, it has al .....

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