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2016 (12) TMI 62 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI

2016 (12) TMI 62 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI - TMI - Enhancement 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 sub .....

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is 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 li .....

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t are unable to repay the proceeds on account of acute financial crises. The petitioner is primarily engaged in the business of development of Real Estate. Publication inviting objections was duly made in the newspapers Financial Express and Jansatta dated 25.08.2016, pursuant to which several objections were received and placed before this Bench. 2. As the initial proposal submitted in the petition did not find favour with this Bench, a fresh proposal has been given by the Ld. Counsel for the p .....

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peful that the situation may ease off in the future and have filed their projected P&L statements. This Bench had cajoled and prodded the petitioners to better their proposal for extinguishing the liability towards their depositors in a shorter span. A final proposal to which this Bench has accorded its consent strictly subject its timely adherence, is Mark 'A'. The Bench is inclined to accept the same keeping in view that it would be expedient to grant breathing space to the company .....

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stors upto ₹ 50,000/- and the proceeds under these FDRs shall be disbursed on the date of maturity. In respect of higher amounts of FDRs, extension of time upto a maximum of 24 months from the due date is sought from this Bench to enable them make the repayments in a phased manner. The last date of maturity for the FDRs held by them is 31.03.2019. Their proposal is reproduced as under:- PROPOSED REVISED REPAYMENT SCHEDULE SHOWING CATEGORYWISE REPAYMENT OF DEPOSITS AT DIFFERENT PERIODS IN P .....

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0 Maturing After 31.03.2018 15 - 15 15 25 30 100 PROPOSED REVISED REPAYMENT SCHEDULE SHOWING CATEGORYWISE REPAYMENT (OUTGO) OF DEPOSITS DURING EACH FINANCIAL YEAR IN VALUE TERMS (Payment in Rs. Lakhs) Category (Rs.) FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 Total Upto 50000 845.45 148.55 129.58 - 1123.58 More than 50000-Upto 100000 474.04 458.15 204.20 67.92 1204.31 More than 100000-Upto 200000 333.76 463.57 267.39 122.03 17.64 1204.39 More than 200000-Upto 500000 212.82 488.80 831. .....

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