TaxTMI 
TaxTMI 
2026 (6) TMI 1063
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.... of the Companies Act, 2013. This Company Appeal has been preferred as against order passed by Learned NCLT, Kochi Bench in CP/30/KOB/2020. The said company petition that was preferred by the Appellant invoking the provisions contained under Section 73(4) of the Companies Act, 2013, which has been rejected, by the impugned order. 2. Following are the brief facts, as it has been argued, though it may not be of much relevance to be considered at this stage, owing to the subsequent developments that have taken place. It is submitted by the Appellant that the Respondent Company, along with another company had floated a special purpose vehicle for the construction of a building called as Kerala Trade Centre and since the Respondent Company wa....
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....by Sub-Section (3) of Section 73 of the Companies Act, it is left open for the depositor to apply to the Tribunal for issue of appropriate the directions to the company to pay the amount due or for the loss or damages incurred and henceforth. The provisions contained under Sub-Section (3) and Sub-Section (4) of Section 73 of the Companies Act, 2013, read as under: - "(3) Every deposit accepted by a company under sub-section (2) shall be repaid with interest in accordance with the terms and conditions of the agreement referred to in that sub-section. (4) Where a company fails to repay the deposit or part thereof or any interest thereon under sub-section (3), the depositor concerned may apply to the Tribunal for an order dir....
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.... association with Cherupushpam Films Pvt. Ltd. to construct a multi-storied building under the name and style of "Kerala Trade Centre" at Marine Drive, Kochi, that all the advances including the advance paid by the Appellant have been diverted to be utilized in the two projects i.e., (i) Kerala Trade Centre and (ii) M/s. Middle East Broadcasting Network Pvt. Ltd. As these projects incurred heavy financial loses to the Company, and the net worth of the Respondent has been completely eroded. 7. The Respondent Company had further contended that, the deposits taken from the petitioner was for the purpose for purchase of space in the Kerala Trade Centre, the joint venture project and that the accounts of the Respondent company were duly audit....
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.... of Commerce and Industry, which did not receive the amount, the petition against the said company will not stand scrutiny with these observations, Learned NCLT passed the impugned order, dismissing the company petition while leaving all other avenues open for the Appellant to pursue his remedies in accordance with law. 9. In order to substantiate his arguments, the Learned Counsel for the Appellant had made reference to an independent branch auditor's report, which shows that the maintenance of the books of account and preparation of the trial balances, was the responsibility of the sub-committee formed by the Kerala Chamber of Commerce and Industry for the construction of a multi-storied building, Kerala Trade Centre and therefore ....