A matured company deposit does not become a fresh deposit just because the company postpones repayment. For a deposit governed by section 73 of the Companies Act, 2013, section 73(4) allows the depositor to ask the NCLT for the amount due, loss caused by non-payment and appropriate further orders. First identify the issuer and legal category of the deposit, because a bank deposit, an NBFC deposit, a debenture and a deposit with an ordinary company are not interchangeable products.
Part of the money recovery practice at S Jain & Attorneys, Bangalore.
For a company fixed deposit not repaid, prepare a one-page schedule now: receipt number, depositor names, deposit date, principal, maturity date, agreed interest, credits received and balance unpaid. Attach the maturity instruction and any renewal document. The crucial question is whether the company is refusing an existing maturity obligation or whether you actually agreed to a later term.
Is this a Companies Act deposit or another financial product?
Read the receipt and the entity's legal name before choosing a forum. Section 2(31) defines deposit broadly but excludes prescribed categories. Section 73(1) itself contains exceptions for banking companies, NBFCs and other specified companies. A product called corporate FD by an agent may fall under a different statutory framework.
A company can also receive money that is not treated as a deposit for this purpose. The reason for payment and the applicable exclusions matter. An advance against goods, share application money, a director's funding arrangement and a retail fixed deposit may look similar in a bank statement but carry different legal consequences. Do not convert every unpaid transfer into a section 73(4) claim by renaming it a deposit.
Obtain the application form, receipt, terms, company identity and regulatory status. Where the issuer is an NBFC, the fact that section 73 is not the starting provision does not mean there can never be a Tribunal remedy. Rule 73 of the NCLT Rules also refers to the separate Reserve Bank of India Act route. Its availability must be checked under that governing law, not inferred from an ordinary-company article.
This guide concerns the ordinary company deposit repayment problem. If the documents reveal another product, stop and classify it before filing. That initial classification may save more time than sending a forceful demand under the wrong Act. It also tells you whether the company is disputing liability or merely pointing out that you have used the wrong label.
What if I am not a shareholder of the company?
Membership is relevant to the legal basis on which the company accepted the deposit, but it is not sensible to stop at the receipt's marketing name. Section 73 deals with deposits from members under its conditions. Section 76 addresses acceptance from persons other than members by eligible public companies and applies the relevant Chapter V provisions subject to its scheme.
Ask which provision the company used when accepting your money. The answer should be supported by the deposit invitation and records, not a call-centre statement. If the company says it was entitled to take public deposits, identify the company and the deposit issue. If it says the money was only a private loan, compare that claim with the receipt and the terms actually offered to you.
An unlawful acceptance question should not be confused with the basic repayment proof. Keep the two issues separately pleaded. A depositor should not be told that money disappears merely because the issuer failed to follow the proper acceptance procedure. At the same time, the precise repayment and regulatory routes need to fit the established transaction.
Where several family members invested, determine who owns each receipt. The account from which money was sent may not be the same as the named depositor. Joint holding, payment instructions, nominee entries and an estate claim can require additional evidence. Do not assume that one family member may settle or receive everyone else's money without authority.
Key takeaway. Classify the issuer and instrument before filing. A deposit receipt, a debenture certificate and an ordinary loan agreement do not become the same claim because all three remain unpaid.
| Record | What it establishes | What it does not establish |
|---|---|---|
| Deposit receipt | Named depositor, amount and stated term | That every regulatory requirement was fulfilled |
| Maturity instruction | How repayment was requested | That the company actually paid |
| Renewal form | Possible consent to a new term | That a signature or digital acceptance is genuine if disputed |
| Part-payment credit | Money received on a particular date | Full discharge unless the settlement establishes it |
| Regulatory registration | Issuer category relevant to forum | Government guarantee of repayment |
How do I prove the deposit matured?
Use the contractual term and the actual receipt, then account for any valid renewal. The maturity date on an old receipt may have changed through an agreed renewal, but the company should produce the document it relies on. A unilateral message saying deposits are being rolled over does not prove your agreement.
Build the chronology from the first investment onwards. A long-running deposit may have been renewed several times with different rates and amounts. Interest may have been paid out in some years and capitalised in others. A single total copied from the latest marketing email cannot explain those changes.
If the issuer says it never received your maturity request, produce its receipt or delivery record. Then read the terms to understand whether a request was required for payment mechanics or whether the company is trying to use an administrative formality to deny that the sum became due. The distinction affects how the demand is framed.
Keep physical originals safe. If the issuer asks you to surrender the original receipt, request written instructions and an acknowledgement identifying it. Retain a clear copy and proof of delivery. Do not hand the only original to an unauthorised collection agent who will not issue a receipt. A missing original can create a proof dispute even where other records establish the investment.
The deposit file should make three events clear: investment, maturity and non-payment.
Trace the term
Keep the original receipt and every renewal. The claimed maturity date must follow the agreed terms, including any genuinely accepted extension.
Credit the payments
Separate interest paid out from interest capitalised and principal returned. A repayment schedule should never seek the same money twice.
Preserve the original
Keep a copy and acknowledgement if an original receipt is surrendered. An informal collection visit should not leave you without evidence.
Must I accept an automatic renewal or a higher rate instead of cash?
Do not treat an attractive revised rate as payment of the matured amount. Ask whether renewal was automatic under the existing terms, whether you had a valid option to refuse it and what instruction you actually gave. The legal result turns on the documents and conduct, not on the issuer's description of its proposal as standard policy.
If you seek repayment, say so directly in writing. Identify the receipt and maturity date, state that payment is required, and ask for the contractual basis of any claimed renewal. Avoid signing a new application merely to keep the discussion moving if you do not intend to create a new term.
A new receipt may alter more than interest. It can change the debtor, security, dispute clause or the date from which a claim is calculated. Read all pages and preserve the prior terms. If the company proposes to split one matured deposit into several fresh deposits, ask why and what rights are being surrendered in return.
Your adviser should also consider limitation and the effect of acknowledgements or part-payments on the facts. Do not assume that each reassuring email restarts every legal clock. This guide does not give a universal limitation calculation because the instrument, due date, procedural route and subsequent documents matter. Put those dates before the adviser promptly rather than waiting for another renewal cycle.
What amount should I put in the demand?
Show principal and each interest component separately, then subtract every credit. Section 73(3) addresses repayment with interest according to the deposit terms, and section 73(4) provides the repayment application when that obligation is not met. The terms are therefore the starting point for the debt calculation.
A useful schedule has a row for each receipt and columns for principal, contracted interest up to maturity, interest already credited, principal already returned and the amount outstanding. Additional interest after maturity should have a stated contractual or legal basis. Do not assume a punitive rate because the delay has been upsetting.
Where a deduction appears in the statement, ask what it represents and obtain the supporting record. Tax withholding, bank charges and an unexplained adjustment are different matters. The repayment application should not use a net figure that conceals whether a deduction was lawful, actually remitted or simply invented by the issuer.
If the amount claimed differs from the company's statement, attach a reconciliation rather than just a higher total. Identify each disagreement. The Tribunal can then see whether principal is admitted and interest disputed, or whether the company contests the transaction altogether. This structure also makes a settlement offer easier to assess without losing a disputed component in a broad final figure.
Can I also claim loss caused by non-payment?
Section 73(4) expressly includes loss or damage incurred as a result of non-payment, but the loss must be established. The provision does not turn every financial difficulty after maturity into an automatically recoverable sum. Show the connection between the default and the particular expense or loss claimed.
For example, if you had to borrow money to meet a commitment that the matured deposit was meant to fund, keep the borrowing documents, dates and payment trail. The Tribunal still has to decide causation, reasonableness and the appropriate relief. A statement that the delay caused great hardship may explain context but cannot replace the evidence needed for a quantified claim.
Separate ordinary interest, additional loss and costs. Otherwise the same financing expense can be counted twice under different headings. If an amount is an estimate, label it as an estimate and explain how it was calculated. Avoid presenting a round sum as though it were an established statutory entitlement.
The practical question is what evidence would allow the other side to test the claimed loss. A clear invoice, bank statement and date comparison is more useful than an extended description of distress. Do not alter facts to fit a category of damages. If the evidence supports only the deposit debt, a focused repayment claim may be stronger than an inflated one.
Which NCLT form applies to repayment?
Rule 73 of the NCLT Rules, 2016 prescribes Form NCLT-11 for the depositor repayment application under section 73(4). The rule allows all or any depositors concerned to apply and addresses deposit trustees where deposits are secured. It also lists the individual particulars that accompany the application.
Those particulars include the depositor's identity, receipt number, maturity date, amount due, sums already paid and total outstanding at filing. Attach the receipt and correspondence as required by the applicable schedule. Current filing directions should be checked for the relevant bench, including electronic presentation, service and any document format requirements.
Keep a distinction between your application for repayment and a company's application seeking time under another provision. They are not the same form or the same statutory enquiry. If the company refers to an existing Tribunal order allowing a schedule, obtain that order before asserting that no such protection exists.
A company registered in another State may fall within another bench's territorial jurisdiction even if the depositor lives in Bengaluru. Confirm the registered office and jurisdiction before filing. Do not use a familiar local address merely because it is more convenient. The filing should name the legal debtor correctly, including any documented change of name.
What should go into the first notice?
The notice should demand the identified sum and ask the company to explain any disagreement with the schedule. It need not begin with accusations of fraud or threats to every director. A fact-based demand gives the company a clear opportunity to pay or state its actual defence.
Include your receipt details, maturity date, repayment instruction, credits received and bank payment details through a safe channel. Ask the company to produce any renewal authorisation or Tribunal order on which it relies. Set a clear response date suited to the circumstances, without calling your chosen date a statutory deadline unless the applicable law makes it one.
Send the notice to the company's registered office and the designated deposit contact, and preserve delivery evidence. Where a trustee is involved, include it through the appropriate channel. A conversation with the sales agent should be recorded in a follow-up message, but do not assume the agent has authority to settle the company's debt.
A short starting paragraph can read: "Deposit receipt [number] matured on [date]. The attached schedule credits all amounts received and records the balance claimed. I seek repayment and have not accepted the proposed renewal. Please provide any document on which you rely to dispute maturity or the balance."
Common mistake. Do not sign a renewal or a full discharge simply to obtain one instalment. Check whether the document changes maturity, waives the balance or releases security.
What if the company says everyone must wait because cash is tight?
Cash-flow difficulty is a response to evaluate, not proof that maturity vanished. Ask for the exact proposal, the company's explanation and any existing order affecting deposits. Compare the proposed dates with your ability to wait and the rights you would retain.
Rule 73 permits the Tribunal to consider the company's financial condition when making a repayment order. It also allows repayment forthwith or within a stated time and conditions. The legal process therefore cannot honestly be described as an automatic cash machine. A strong repayment claim and actual recoverability are related but different questions.
If you consider instalments, put the terms in writing. Identify the total amount, dates, treatment of interest, default consequences and the point at which any release becomes effective. State who signs for the company and whether any separate security or guarantee is provided. A schedule signed by a sales employee without authority may not offer the protection you expect.
There may also be other depositors, secured creditors or proceedings affecting the available assets. Do not accept a claim of priority based only on who complained first. Your adviser should assess the legal position and the company's actual status. A proposed preference for a vocal group can raise issues that are not visible in a simple payment email.
Does the company deposit carry the same protection as a bank FD?
Do not assume that it does. The words fixed deposit describe an investment arrangement, not a universal government-backed protection. Identify the issuer's category and any actual insurance or security from the governing documents and law. An attractive rating or a familiar group name is not a repayment guarantee.
This is also an area where old bare-Act copies mislead. The original version of section 73(2)(d) contained a deposit-insurance requirement, but the 2017 amendment omitted that clause. Do not cite the original clause as evidence that your current company deposit must be insured. Any specific insurance claim requires the policy and applicable legal basis.
If a brochure promised a guarantee, obtain the executed guarantee and identify its beneficiary, scope and conditions. A comfort letter, promoter assurance and enforceable guarantee are not necessarily the same thing. Keep the sales representation because it may be relevant, but do not invent a payment obligation against the named group without reading the document.
Where security was promised, request the security documents and the trustee's records. The existence, ranking and enforceability of a charge need separate examination. A claim that deposits are secured by the company's assets does not itself give every depositor a right to take possession of a particular property.
What happens if insolvency or another collective process begins?
Obtain the actual order and tell the adviser handling the deposit claim immediately. A pending application, admission into corporate insolvency, liquidation and a repayment arrangement are different legal events. The company's short message saying NCLT matter pending is not enough to identify the consequences.
An admitted insolvency process can change the route for pursuing the debt. Do not assume that a repayment application automatically places your claim before the appointed professional or that a later payment order can ignore an applicable moratorium. The current Code and regulations, the admission order and the claim announcement must be read together.
The 2026 IBC amendments have staged commencement. Specified provisions began on 26 May 2026, so a copied pre-amendment checklist may be unreliable. This guide deliberately does not prescribe an insolvency form or claim deadline for an unidentified process. The right action is to preserve the deposit evidence and check the governing current process without delay.
If the company proposes a separate scheme affecting creditors, get the complete scheme and notices. A promise that every depositor will be treated fairly is not a substitute for the actual treatment of principal, interest and payment dates. Keep your address and contact details current so that important communications do not disappear into an old account.
A repayment decision needs both a sound claim and an accurate view of the process affecting the company.
Read the actual order
A company saying NCLT matter pending does not identify a moratorium or repayment schedule. Obtain the order and check its operative directions.
Separate debt and loss
Show the matured deposit debt first. Additional loss needs its own evidence, causal explanation and calculation without double counting.
Protect settlement terms
Specify instalment dates, default consequences and when a release takes effect. A promise of higher interest is not cash repayment.
How should I organise the file for a decision this week?
Create four small folders: investment, maturity, payments and company responses. Add a chronology at the front. This makes it possible to decide whether the dispute is about classification, renewal, calculation, non-payment or the effect of another proceeding.
- Identify the issuer's exact legal name and regulatory category.
- Obtain every receipt, renewal and term sheet covering the current balance.
- Reconcile principal and interest with the complete payment history.
- Send a written repayment request and preserve delivery evidence.
- Obtain any order or proposal said to prevent immediate payment.
- Review the appropriate repayment application and any separate loss claim.
The application should avoid treating the depositor's entire story as one undifferentiated grievance. The investment may be admitted while a renewal is disputed. The principal may be admitted while additional interest is contested. A document schedule that separates those questions helps the Tribunal identify what can be decided and helps the depositor evaluate an offer on its real terms.
Before agreeing to a compromise, update the schedule to the same date as the offer. Check whether the numbers match and whether the person making the offer can bind the issuer. If they do not match, ask for the missing calculation. A careful comparison at that stage can prevent a small apparent concession from becoming a large unintended waiver.
Frequently Asked Questions
Can a depositor apply without a group?
Rule 73 permits all or any depositors concerned to apply. Each applicant must prove the relevant deposit and balance.
Does section 73 apply to every corporate FD?
No. Issuer category and the statutory definition matter. Banking and NBFC deposits need their own governing-law analysis.
Can a company renew my matured deposit by email?
An email announcing renewal does not by itself prove that you agreed. Read the original renewal terms and the instruction actually given.
Which form is used for a section 73(4) repayment request?
Rule 73 prescribes Form NCLT-11, with supporting documents and depositor particulars. Check present registry requirements.
Can I ask for loss beyond the deposit amount?
Section 73(4) permits a claim for loss or damage caused by non-payment. Causation and amount must be proved, without double counting.
Does the old deposit-insurance clause protect me?
The original section 73(2)(d) was omitted by the 2017 amendment. Check any actual policy and applicable law instead of relying on that old clause.
Will a part-payment end the claim?
Not automatically. The receipt, appropriation and settlement terms matter. Update the balance and read any discharge before signing.
What if the company has entered insolvency?
Get the admission order and current process documents. A repayment application is not automatically a claim filed in that process.
This article is for general informational purposes only and does not constitute legal advice. Consult a qualified advocate for advice on your specific situation.
