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Judgment
Rajasekhar V.K., Member (Judicial)
In this CP, the applicant is seeking a direction from this Tribunal to direct the respondent company to redeem fully paid secured redeemable cumulative preference shares in their favour along with interest. The amount involved is to the tune of ₹60,70,000/- plus interest thereon.
The Ld. Counsel for the applicants submitted that the respondent company has invited the investors through their redeemable cumulative preference shares scheme where the applicants had invested their hard earned money in the company as the respondent company assured timely returns as on the date of maturity but the respondent company has failed to repay the money including interest thereon.
In reply, the learned counsel for the corporate debtor submitted that the company has tried its best for payment to the investors but is facing financial constraint since July 2017, thus the payment was not made.
We have considered the submissions made on behalf of the applicants and respondent and also perused the records.
It is evident from the records that the respondent no. 1 company has collected money from applicants and has failed to repay the same and the same has also been admitted by the respondents
In this view of the matter, this Tribunal hereby directs the repayment of the redeem fully paid secured redeemable cumulative preference shares in their favour along with interest within a period of six months from the date of pronouncement of this order.
CP No.239/ALD/2019 shall sand disposed of accordingly.
Certified copy of the order may be issued, if applied for, upon compliance of all requisite formalities.