TaxTMI 
TaxTMI 
2020 (2) TMI 1503
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....nt is accruing on a day to day basis until the debt owed to the Petitioner stands discharged. As on 31.03.2018, by providing statement of account, same has been acknowledged in financial year 2017-2018 and TDS has also been deposited. The total amount due and payable by the Corporate Debtor to the Petitioner/Financial Creditor on 01.07.2019 is INR 21,94,771/- including principal amount of Rs. 18,63,108/- alongwith unpaid accumulated interest @13.5% per annum amounting to Rs. 3,31,663/-. The Corporate Debtor having the liability defaulted in repayment of the due and payable financial debt on demand i.e. upon lapse of period given in demand notice dated 21.06.2019 for repayment of the tendered amount alongwith accrued interest. Further, the Corporate Debtor has annexed the true copy of the statement of account as on 31st March 2018 provided by the Corporate Debtor, bank passbook, certificates of deposit from 1st April, 2013 to 31st March, 2018 issued by the Corporate Debtor as well as TDS certificates. 3. Learned Counsel for the Petitioner, in course of his arguments submitted that the statement of accounts of the Corporate Debtor shows that there is outstanding due of Rs. 1863018....
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....he Petitioner has filed some additional documents i.e. statement of account of the Petitioner as well as the TDS deducted by the Corporate Debtor and I find, the statement of account which is at Page 7 of the additional affidavit filed by the Petitioner shows that the amount was deposited by the Petitioner on different dates in the year 2013 and the ledger account of the Corporate Debtor, which is at page 8 of the additional affidavit shows that on 5th July 2013, he received 7 lakhs from Petitioner and thereafter, interest was also paid on that deposit, which is reflected from the ledger account of the Corporate Debtor at Page 8 of the additional affidavit. Similarly, the Ledger Account of the Corporate Debtor, which is at page 50 of the paper book also shows that in the year 2017 and 2018, total 4.50 lakhs have been deposited and on the basis of that the Petitioner claimed Rs. 18,63,018/-. 6. In part 4 para 1, the Petitioner mentioned that the amount as referred above is deposited as on 31st March, 2018, I further find, everywhere in the application, the Petitioner has used the word deposit and in lieu of the deposit, he claimed that he received the interest from the Corporate ....
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.... judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured;" "Section 3(11) (11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt;" 7. In the light of aforesaid facts, when I shall consider the case in hand that I find, here in the case, the Petitioner claimed that he has deposited the amount with the Corporate Debtor and in lieu of that he was getting interest and last interest was paid to him on 31.03.2018 and the TDS on the interest was also deducted by the Corporate Debtor, which is reflected in the ledger account of the Corporate Petitioner submitted that he is the Financial Creditor and amount which he has deposited comes vandler the definition of Financial Debt. As I have already discussed the definition of Financial Debt in the aforementioned para and on the basis of that, I am of the considered view that the claim of the Petitioner does not come within the purview of Section 5 (8) of the Code and any of the Clause a to i of Section 5(8) of the Code. 8. I have gone through the decision and I find, the Hon'ble High Court in the matter of U....
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....the Financial Creditor under Section 5(7) and the amount which he has deposited comes under the definition of Section 5 (8). In my view, the Petitioner may have some other remedy to get the amount under any other process of the Law. 10. At this juncture, I would like to refer Companies (Acceptance of Deposits) Rule, 2014, which has come into force on Ist April, 2014, alongwith Section 73 and 74 of the Companies Act, 2013 and the same is quoted below: - "73. Prohibition on acceptance of deposits from public.- (1) On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter: Provided that nothing in this sub-section shall apply to a banking company and nonbanking financial company as defined in the Reserve Bank of India Act, 1934 (2 of 1934) and to such other company as the Central Government may, after consultation with the Reserve Bank of India, specify in this behalf. (2) A company may, subject to the passing of a resolution in general meeting and subject to such rules as may be prescribed in consultation with the Reserve Bank of Indi....
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.... fit. (5) The deposit repayment reserve account referred to in clause (c) of sub-section (2) shall not be used by the company for any purpose other than repayment of deposits. " "74. Repayment of deposits, etc., accepted before commencement of this Act- (I) Where in respect of any deposit accepted by a company before the commencement of this Act, the amount of such deposit or part thereof or any interest due thereon remains unpaid on such commencement or becomes due at any time thereafter, the company shall- (a) file, within a period of three months from such commencement or from the date on which such payments, are due, with the Registrar a statement of all the deposits accepted by the company and sums remaining unpaid on such amount with the interest payable thereon along with the arrangements made for such repayment, notwithstanding anything contained in any other law for the time being in force or under the terms and conditions subject to which the deposit was accepted or any scheme framed under any law; and (b) repay within one year from such commencement or from the date on which such payments are due, whichever is earlier, ....