Acceptance of deposits by a private limited company ca2013

Sec 74 as per company act-2013: Repayment of deposit
accepted before the
commencement of this Act
1) Wherein the respect of deposit accepted before the commencement of the Act the
amount of such deposit or interest due which remains unpaid before the
commencement or after the company shall file
♦ within period of three month from such commencement or date thereof
♦ with the Registrar
♦ A statement showing the all deposits accepted + sums remaining unpaid
+ interest
♦ and arrangement for such repayment
♦ repay within one year from such commencement OR from the date on
which such repayments are due
2) The Tribunal after taking into the financial position , amount of deposit and other
matters allow further time
3) Default :- when the company fails to repay the deposit within the time prescribed
including the extended time limit
the company in addition to the deposits or interest be punishable
Company with a fine ----- Minimum 1 crore ; Maximum 10 crore
Every officer-------- imprisonment of 7 years
OR
Fine:- Minimum of Rs 25 lakhs
Maximum to 2 crore
OR both

Dear Sir,

The problem is that the company has no sufficient funds to return the loan within 31.03.2015. The company has got In-Principal Approval of loan from a financial institution, but due to some norms and procedure the disbursement of loan will start after 31.03.2015.

Kindly provide the solutions available to the company and what are the step by step procedures regarding making an application to the Tribunal (here Tribunal means Regional Director or CLB) for extension of time to repay the loan amounts.

Thanks & Regards.

Arun Jaiswal