IN RE Vs. ANSAL HOUSING & CONSTRUCTION LTD
NATIONAL COMPANY LAW TRIBUNAL
ANSAL HOUSING AND CONSTRUCTION LTD
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Ina Malhotra, Member -
(1.)The petitioner has filed this application u/s. 74(2) of the Companies Act 2013, praying for enhancement of time for liquidating their liability under the fixed deposits accepted by them but 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 petitioner. Some of the depositors are present in Court and have expressed their satisfaction over it.
(3.)It is submitted by the Ld. Counsel for the petitioner that the company has never defaulted in fulfilling its Statutory Obligations as well as towards the depositors in the past. Extension of time to liquidate the matured fixed deposits has been prayed for as the Real Estate Industry has been depressed for a long time due to which they have not been able to mobilize funds. The petitioner is hopeful that the situation may case 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 to revive and nurse its financial health rather than hammering a nail in its coffin, as also the fact that it would be in the larger interest of the investors to receive back their money with interest even though in a phased manner, than get nothing at all. The petitioner submits that marginally an additional rate of interest of 5% would also be given to the investors on account of the delayed repayment.
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