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TMI Blog2021 (5) TMI 783X X X X Extracts X X X X X X X X Extracts X X X X ..... ions regarding filing of an application by a depositor before this Tribunal shall be mutatis mutandis applicable to public i.e., non-member of the company, from whom the deposit is accepted - there are no force in the plea raised by the Respondent that the Petitioner has not supplied copy to the RoC and RD and no report has come from them. Since the Rule 73(6) of NCLT Rules 2016 stipulates this requirement only in respect of the applications filed under sub-section (2) of section 76 and under sub-section (2) of section 74 of the Companies Act, 2013. The Petitioner has been successful in establishing default made by the Respondents - Application allowed. - Company Petition No. 109/73/ND/2020 - - - Dated:- 17-5-2021 - Abni Ranjan Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er are given below: FDR No Date of deposit Date of Maturity FD amount (Rs) (principal) Interest up to September 2020 Total Amt (principal plus interest ) 35167 29.09.2018 12.09.2019 1000000 170000 1170000 4. That it is submitted by the Petitioner that the Respondent company has made part payment of interest of ₹ 70,000/- only in the month of October 2019. 5. It is further submitted by the Petitioner that after the amount got matured it has approached the 'respondent company' several times but the respondent company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile its report thereafter. 10. It is further contended by the respondent company that it is also facing difficulty in arranging funds through sale of properties in view of the fact that there are couple of Insolvency Petitions filed under Section 7 by Home Buyers and under Section 9 by Operational Creditors. 11. That the Petitioner has also filed its written submissions and stated that as far as maintainability of the present Petition is concerned, by virtue of the provision under Section 76(2) of Companies Act 2013, the provisions of Chapter 5 of Companies Act 2013 shall, mutatis mutandis, apply to the acceptance of the deposits from 'public' under this section. Therefore, the non-member of the Respondent Company is also elig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions of both the parties, this Bench is of the view that the plea raised by the respondent company that the petition is not maintainable as it is not filed by the Member of the Company, does not merit consideration. When deposits are accepted from public, provisions of Section 76 are attracted. Further, by virtue of provision in Section 76(2), the provisions of the Chapter 5 of Companies Act, 2013 (shall) apply mutatis mutandis to the acceptance of deposits from public. Furthermore, Section 76 of Companies Act comes with a 'Notwithstanding clause', as a result of which, it has an overriding effect over Section 73. The contents of the Section 76 are reproduced below- 76. (1) Notwithstanding anything contained in section 73, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atis mutandis applicable to public i.e., non-member of the company, from whom the deposit is accepted. 16. Further, we do not find any force in the plea raised by the Respondent that the Petitioner has not supplied copy to the RoC and RD and no report has come from them. Since the Rule 73(6) of NCLT Rules 2016 stipulates this requirement only in respect of the applications filed under sub-section (2) of section 76 and under sub-section (2) of section 74 of the Companies Act, 2013. The contents of the Rule 73(6) of NCLT Rules, 2016 are reproduced below- 73. Application under sections 71(9), 71(10), section 73(4) or section 74(2) and 76(2). (1) ....... (2) ....... (3) ...... (4) ...... (5) ..... (6) A copy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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