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TMI Blog2018 (1) TMI 1594X X X X Extracts X X X X X X X X Extracts X X X X ..... ki Raveendra Babu And Ms. Manorama Kumari Judicial Members For the Petitioners : Jayesh Buch ORDER BIKKI RAVEENDRA BABU (JUDICIAL MEMBER).- 1. The petitioners in this batch petitions have deposited their hard earned money with Plethico Pharmaceuticals Ltd., in fixed deposits prior to April 1, 2014. The petitioners came forward before this Tribunal with a request for direction to Plethico Pharmaceuticals Ltd., to refund their fixed deposit amounts with interest as agreed under section 73(4) of the Companies Act, 2013. 2. It is the contention of the petitioners in all these petitions that in spite of the maturity period is over, fixed deposit amounts have not been returned to them by the company. Further, it is the case of the petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication, the company filed application I. A. No. 4759 of 2015 under section 3 of the aforesaid Act for staying the said winding up proceedings. The hon'ble High Court of Madhya Pradesh vide order dated May 15, 2015 stayed the winding up proceedings till June 16, 2016. While granting stay the hon'ble High Court of Madhya Pradesh observed that the order will not affect the order already passed on April 7, 2015. 5. The company again approached the State Government and sought further extension under the aforesaid Relief Act. The State Government was pleased to grant relief vide notification September 19, 2016 for one year subject to certain terms and conditions mentioned in the notification dated September 19, 2016. The petitioner-comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d it is more than clear that the petitioners are entitled to their deposit amounts with interest as per the agreed rates. 10. Winding up Petition No. 35 of 2013 is pending before the hon'ble High Court of Madhya Pradesh, Indore Bench wherein the provisional liquidator has already been appointed. It appears from the material placed before this Tribunal that, at present there is no stay on the winding up proceedings. 11. Material on record also show that Writ Petition No. 21400 also is pending before the hon'ble High Court of Madhya Pradesh, Indore Bench wherein direction was given not to take any coercive steps against the company and it appears that the said order is in force and the writ petition is pending. 12. The winding up p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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