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NATIONAL COMPANY LAW TRIBUNAL
Praveen Gupta, Judicial Member, Ashish Verma, Technical Member
Madhusudan Motors Pvt. Ltd. – Appellant
Versus
Shivam Traders and Hire Purchase Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. parties' background and family control dispute. (Para 1 , 2 , 3 , 4 , 5) |
| 2. details of deposits, repayments, and demands. (Para 6 , 7 , 8 , 11) |
| 3. parties' contentions on deposit nature. (Para 9 , 10) |
| 4. undisputed facts and rival claims. (Para 17 , 18 , 19) |
| 5. icd qualifies as 'deposit' under section 45i(bb). (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 6. alleged agreement invalid due to non-compliance. (Para 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36) |
| 7. direct repayment under section 45qa(2). (Para 37 , 38) |
ORDER
1. The present petition has been filed, on 17.02.2021, by Madhusudhan Motors Private Limited (hereinafter referred to as the ‘Petitioner/Petitioner Company’) against Shivam Traders and Hire and Purchase Private Limited (hereinafter referred to as the ‘Respondent/Respondent Company’) under Section 45QA of the Reserve Bank of India Act, 1934 (hereinafter referred to as the “RBI Act”) read with Rule 65 of NCLT Rules, 2016 (hereinafter referred to as ‘NCLT Rules’), as the Respondent Company has failed to repay the deposit made by the Petitioner Company. This Petition has been filed in Form 11 as prescribed in Rule 73 of NCLT Rules seeking, inter alia, the follow
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