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Court Denies Petitioners' Refund Request Due to Lack of FEMA Certificate, Directs Funds to Secured Creditors Instead.

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....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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