APPLICATION TO NATIONAL COMPANY LAW TRIBUNAL (NCLT) FOR REPAYMENT OF DEPOSIT UNDER SECTION 73(4) OF THE COMPANIES ACT, 2013
As per Section 73 (4) of the Companies Act, 2013, where a company fails to repay the deposit or part thereof or any interest thereon, the depositor concerned may apply to the National Company Law Tribunal (hereinafter to be referred as “NCLT”) for an order directing the company to pay the sum due or for any loss or damage incurred by him as a result of such non-payment and for such other orders as the NCLT may deem fit.
Procedure to make application before NCLT:
- An application in Form No. NCLT. 11 in duplicate shall be filed by all or any of the depositors concerned, or where the deposits are secured, by the deposit trustee;
- There shall be attached to the application, a list of depositors or debenture holders, as the case may be, setting forth the following details in respect of every such depositor or debenture holder:-
(a) full name, age, father’s/ mother’s/ spouse’s name, occupation and full residential address;
(b) fixed deposit receipt number or debenture certificate number, as the case may be;
(c) date of maturity;
(d) amount due to the person by the company;
(e) amount already paid by the company, if any;
(f) total amount due as on the date on the application:
- Other attachments to be annexed with the Application are as follows:
- Copy of the deposit receipt;
- Copy of the correspondence exchanged with the company;
- Bank draft evidencing payment of application fee;
- Any other relevant document.
- Fees for making application before NCLT shall be of Rs. 500/- (Rupees Five Hundred Only);
- The NCLT before making any order, give a reasonable opportunity of being heard to the company and any other person interested in the matter and after being satisfied that it is in the interest of depositors;
- NCLT pass an appropriate order within a period of sixty days from the date of receipt of application, to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order.
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Very informative article.What if it is an Nbfc and the COR cancelled by RBI recently.In such cases Rbi permission is required .And in the case of LLPs where designated partners have collected monies by way of contributions.Would Nclt be the appropriate forum for that too.Kindly advise.