IN RE Vs. JAI PRAKASH ASSOCIATES LIMITED

JUDGEMENT

(1.) The case is taken up today for pronouncement of order in the present petition filed u/s. 74(2) of the Companies Act seeking for extension of lime for making repayment of fixed deposits amount on attaining its maturity to its expositors.

(2.) The petitioner company has earlier got extension of time for making repayments of such deposits amount till 31st March, 2017. That apart the time for making repayment was being extended from time to time by the Company Law Board. New Delhi and by the NCLT as per its latest order dated 17.06.2016. This came to further challenge before the Hon'ble NCLAT, New Delhi in an appeal which while disposing of the appeal by its order dated 2nd March, 2017 confirmed such extension of time with further direction that no further extension for payment would be granted. The order of Hon'ble NCLAT again impugned before the Hon'ble Supreme Court by way of a SLP. The Hon'ble Supreme Court vide its order dated 29th March, 2017 which pleased to grant stay on the same. At present the above mentioned SLP is still pending and sub-judice before the Hon'ble Supreme Court.

(3.) Subsequent thereto, the petitioner company filed the present petition u/s. 74(2) of the Companies Act before this Bench seeking extension of time from this Tribunal beyond 31st March, 2017 on the grounds as stated in the petition. This court during the course of hearing, fell appropriate to issue a formal notice to the Central Government through the office of the ROC by inviting the comments/objection, if any, on further extension of time being sought for by the petitioner company for making repayment of amount due under the fixed deposits.