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2016 (7) TMI 765 - COMPANY LAW BOARD NEW DELHI

2016 (7) TMI 765 - COMPANY LAW BOARD NEW DELHI - TMI - Default in making repayment to the depositors as per undertaking given by the Managing Director of the company - Held that:- When the petitioner company could not repay ₹ 30 crores of money in the time given by this Bench as asked by the company on 11-3-2016, it could not be possible for the company to clear ₹ 550 crores dues payable to the depositors in near future. - Seeing the developments so far taken place in this case, .....

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6 - B.S.V. Prakash Kumar, Member (Judicial), J. For The Petitioner : Mr. Saurabh Kalia, Mr. Gaurav Jain, Advocates For The Depositors : Mr. Harshbir Singh Kohli, Advocate This Bench passed an order against the petitioner company on 11-3-2016 tor repayment of ₹ 30 crores on or before 30-6-2016 to pay ₹ 10 crores each on 30-4-2016, 31-5-2016 and remaining ₹ 10 crores on 30-6-2016, but no payment has been made. 2. Initially, the MD of the company filed an affidavit on 10-3-2016 un .....

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aining ₹ 10 crores on 30-6-2016, basing on the MD's affidavit, this Bench on 11-3-2016 ordered accordingly, but till date, the petitioner company has not paid any of the instalments as directed by this Bench. 3. In the same order dated 11-3-216, this Bench ordered. "In case any default in making repayment as per undertaking given by the Managing Director of the company in Affidavits dated 10-3-2016 and 11-3-2016, the petition stands dismissed." 4. This Bench, since 14-5-2015, .....

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