https://www.taxtmi.com/caselaws?id=425104 The Adjudicating Authority concluded that the order dated 30th August 2021 could not be recalled but could be modified. The Corporate Debtor was directed to deposit the approximate conversion of USD in Indian Rupees with the Registry within 60 days. The unusual situation, where the default was not due to the Corporate Debtor's fault but due to the RBI's non-approval, prevented the initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. The I.A (IBC) No.1056/KB/2021 was disposed of, and certified copies of the order were to be issued to all concerned parties upon compliance with requisite formalities. en-us Tue, 12 Jul 2022 00:00:00 +0530 Sat, 16 Jul 2022 09:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425104 The Adjudicating Authority concluded that the order dated 30th August 2021 could not be recalled but could be modified. The Corporate Debtor was directed to deposit the approximate conversion of USD in Indian Rupees with the Registry within 60 days. The unusual situation, where the default was not due to the Corporate Debtor's fault but due to the RBI's non-approval, prevented the initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. The I.A (IBC) No.1056/KB/2021 was disposed of, and certified copies of the order were to be issued to all concerned parties upon compliance with requisite formalities. Case-Laws Insolvency and Bankruptcy Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425104