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How to Recover fixed deposit amount from defaulter Company.
15-Feb-2023 (In Recovery Law)
The Unitech Limited offered 12.5% of cumulative interest for 3 years of fixed deposit. They start defaulting the principal & interest amount to the investors on maturity.
The company approached to NCLT Delhi Bench u/s 72(2) company act 2013 for extension of time but NCLT refused to extend the time limit in final order dt.4 July 2016 (http://www.clb.ic.in/Publication/Principal_Bench_New%20Delhi_Bench/2016/Others/Unitech%20Ltd._001.pdf),
The investors also approached NCLT u/s 73(4) & got the final order dt.6 Oct 2016 (http://www.clt.gov.in/Publication/New_Delhi_Bench_III/2016/Others/UNITECH%20Ltd..pdf)
The Company approached NCLAT against the NCLT above order Dt.4/07/2016. The NCLAT also refuse to extend the time & pronounce the final Judgement (http://nclat.ic.in/final_orders/Principal_Bench/2017/Others/31012017AT072016.pdf)
The company still not ready to pay.
What is the course of action left for investors out of Delhi . Tx
NCLAT has powers to review it's Order and modify it.
After the order of NCLAT, the option available is to go to Supreme Court.
Supreme Court is the Apex Court to hear appeals arising out of Orders from NCLAT.
After the order of NCLAT, the option available is to go to Supreme Court.
Supreme Court is the Apex Court to hear appeals arising out of Orders from NCLAT.
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Adv. Urfee Haider
Delhi | 200+ Answers
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If NLCT has given a decree in your favour u can claim the amount from Unitech by filing the execution in concerned court. Orders posted by u are not possible to open and read. If further query u can contact
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Adv. Shalini Sharma
Delhi | 25+ Answers
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Unitech is facing multiple litigations before various forums including at NCLT / NCLAT, Consumer Forums etc. Delhi High Court, Supreme Court. Eventually, if things dont improve, the company might be wound up. After NCLAT one remedy before SC is left. You can file a caveat if you anticipate they might approach the SC.
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