IN RE: UNITECH LTD. Vs. STATE

JUDGEMENT

(1.) THE applicant company has filed this application u/s. 74(2) of the Companies Act, 2013 for seeking extension of time for payment to deposit -holders after maturity. It is submitted that the liabilities of the Applicant Company as on 31.3.2014 aggregates to approx. Rs. 9176.22 crores as against the assets of approx. Rs. 19046.05 crores. The Applicant Company would also be seeking indulgence of this Hon'ble Board to grant exemption from maintaining liquid assets as required under clause (c), sub -section (2) of Section 73 of the Companies Act, 2013 and Rule 13 of the Companies (Acceptance of Deposit) Rules, 2014. On 31.3.2014, the Applicant Company has outstanding dues of Rs. 241,123 crores towards principal and interest outstanding to Bank and Financial Institutions, as mentioned in note 47 to the Financial Statements. The Applicant Company is a going concern and has all intentions to profitably and effectively run the Applicant Company and to pay to its depositors. It further submits that it had been repaying principal sum along with agreed rate of interest regularly without delay since May, 2009. The company accepted the deposits as per the then applicable provisions of law payable during the period of up to 3 years. Accordingly, the company deployed the funds in the development of its projects, etc. It has further submitted that it will repay the outstanding dues within one year or from the date on which such payments are due, whichever is earlier or may approach Tribunal for reschedulement. Accordingly, the CLB is to pass an Order as to payment of dues up to 31.3.2015, to pay deposit amount of Rs. 25,000/ - within 9 months from the date of maturity, to pay deposit amount of Rs. 25,001 to Rs. 1,00,000/ -, 50% within 15 months from the date of order; remaining 50% within 30 months from the date of order, to pay deposit amount of Rs. 1,00,000/ - and above, 30% within 15 months from the date of order, 30% within 30 months from the date of the order and 40% within 42 months from the date of order as to FDs due for the year 2015 -16, Rs. 25,000/ - shall be paid within 9 months from the date of maturity, Rs. 25,001/ - and above shall be paid, 30% within 15 months from the date of maturity, 30% within 30 months from the date of maturity, remaining 40% within 42 months from the date of maturity; as to FDs due for the year 2016 -17, FDs of Rs. 25,000/ - shall be paid within 9 months from the date of maturity, FDs of Rs. 25,001/ - and above shall be paid, 30% within 15 months from the date of maturity, 30% within 30 months from the date of maturity, remaining 40% within 42 months from the date of maturity.

(2.) THESE depositors placed figures showing the company has made Rs. 2611 crores turnover in 9 months' period ending 31.12.2014 with profit of Rs. 432 crores in 9 months. They say the company has several properties at various places in India. Though the company has not been paying not even to the depositors whose FDS are matured.

(3.) THE Ministry of Corporate vide letter dated 30.4.2015 has forwarded 18 complaints to the company with a request to send an acknowledgement to the complainant within 15 days intimating initiated as also to examine the complaint from all angles and with request to all remedies possible in law/rules and resolve the same, so that the desired relief is available to complainant at the earliest. ROC, Delhi & Haryana in his letter dated 15.09.2014, intimated that ROC has received 249 complaints from various depositors against the company. My Bench Officer, Shri Prem Chand has reported that CLB has received more than 3000 complaints from the depositors against this company.