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NATIONAL COMPANY LAW TRIBUNAL
Praveen Gupta, Judicial Member, Ashish Verma, Technical Member
MUKUND SALES PVT. LTD. – Appellant
Versus
SHIVAM TRADERS AND HIRE PURCHASE PVT. LTD. – Respondent
| Table of Content |
|---|
| 1. petitioner's deposit claim and demands against nbfc (Para 1 , 2 , 3 , 4 , 5 , 6 , 11 , 12) |
| 2. respondent's defenses: limitation, no agreement, family dispute (Para 7) |
| 3. petitioner's rejoinder: covid extension, acknowledgments, deposit nature (Para 8) |
| 4. respondent's sur-rejoinder: inadmissible documents, implied terms (Para 9) |
| 5. limitation extended by acknowledgments and covid order (Para 13 , 14 , 15 , 16) |
| 6. oral agreements valid; unsecured loans are deposits under rbi act (Para 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 7. invalid similar agreements due to conflict of interest (Para 24 , 25 , 26) |
| 8. direct repayment of deposit after reconciliation (Para 27 , 28) |
ORDER
1. The present petition has been filed, on 18.09.2024, by Mukund sale Private limited (hereinafter referred to as the ‘Petitioner’) 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 read with Rule 65 of NCLT Rules, 2016 (hereinafter referred to as the “RBI Act”), on account of the Respondent’s failure to repay the deposit made by the Petitioner. Through this petition, the Petition
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