Petitioners sought refund of investment under 'buy-back' clause, ...

Investors failed to provide FEMA certificate, delaying refund under 'buy-back' clause. Despite deposit, non-compliance waived claim rights. Funds to be used for creditors' claims instead.

Case Laws Companies Law

July 26, 2024

Petitioners sought refund of investment under 'buy-back' clause, but failed to furnish FEMA certificate, delaying release of deposited amount. Despite depositing investment amount per court's directions, petitioners didn't comply with formalities, waiving rights for claim before Official Liquidator. With much time elapsed, deposited amount with accrued interest to be utilized for satisfying secured creditors' claims instead of refund to petitioners. Application dismissed.

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Petitioners sought refund of investment under 'buy-back' clause, ...

Investors failed to provide FEMA certificate, delaying refund under 'buy-back' clause. Despite deposit, non-compliance waived claim rights. Funds to be used for creditors' claims instead.

Case Laws Companies Law

July 26, 2024

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