Stay Order of Supreme Court
1.Company applies to NCLT seekin extension to repay Fixed Deposits on maturity, Section 73 allows it.
NCLT extended deadline of repayment four times, each extension was 6 to 9 months. , but never passed final order.The last extension was given even when ALL the deposits were past their maturity date, without seeking consent of Depositors
2. Upon appeal by a single depositor, NCLAT passed order whicn asked Company to repay Fixed Deposit ALL THEDEPOSITORS DUES WITH INTEREST amount with due by 31 March 2017..... . NCLAT simaltaneously in the same judgement, ordered NCLT to close down its hearing of the matter. NCLAT took trouble to send Copeis of this Order to ROC and Secretary , Min. of Company Affarirs. This Order has a "Class action character" in a manner of speaking.
2.Company therafter obtained stay order fron Supreme Court and then contested Civil Appeal. This Single Depositor was awarded Overdue interst @ 12 % from date of maturity to actual payment.This order was passed late 2019. Final Order didn't say anything about Stay Order. need to be The Company repaid Principal amount + interest just before this order to other Depositors too, but withheld till date overdue interest. Total amount of overdue interest works out to app. RS 180 Crs for all depositors..
Question
1. Does Stay Order need to be specifically vacated by Supreme Court, considering class action charcter... also SC order came app. 2 years after 31 March 2017 as prescribed by NCLAT. Was SC not obliged to prescribe new date.
2 DUES WITH INTEREST........ is overdue interest payment implied to rest of Depositors . If not ........ then is SC/NCLT need to be approached afresh ??