https://www.taxtmi.com/caselaws?id=756045 Release of money deposited in Court was refused because the petitioners had not completed the required FEMA formalities and had not pursued their claim before the Official Liquidator after winding up intervened. Although the entitlement to refund under the buy-back arrangement had crystallised before the Provisional Liquidator's appointment, the deposit was treated as part of the liquidation estate for administration in the winding up process and for the benefit of secured stakeholders. The petitioners were given liberty to lodge their monetary claim before the Official Liquidator, and the delay in doing so was condoned. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756045 Release of money deposited in Court was refused because the petitioners had not completed the required FEMA formalities and had not pursued their claim before the Official Liquidator after winding up intervened. Although the entitlement to refund under the buy-back arrangement had crystallised before the Provisional Liquidator's appointment, the deposit was treated as part of the liquidation estate for administration in the winding up process and for the benefit of secured stakeholders. The petitioners were given liberty to lodge their monetary claim before the Official Liquidator, and the delay in doing so was condoned. Case-Laws Companies Law Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756045