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2022 (7) TMI 659 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - the Corporate Debtor had to make payment to the Operational Creditor for supply of the goods subject matter of this case, which was to be made in USD - Operational Creditors - HELD THAT:- Since it appears to be beyond the control of the Corporate Debtor to make the payment to the Operational Creditor in US Dollar, in spite of the fact that the Corporate Debtor approached the Hon’ble High Court and the Hon’ble High Court issued certain directions to the Reserve Bank of India, this appears to be a case which has to be considered by the Reserve Bank of India, following the directions of the Hon’ble High Court. It is granted that the amount of interest bearing FDR as proposed by the Corporate Debtor itself through their counsel will be deposited and shall remain deposited in FDR because if and when the Reserve Bank of India grants necessary permission to remit the said foreign currency to the Operational Creditor, the said amount would immediately be utilized for the said purpose because it is an admitted liability which has to be liquidated as soon as the permission of Reserve Bank of India is granted. The Corporate Debtor is directed to make a deposit of the approximate conversion of USD in Indian Rupees and place the same with the Registry of this Court, within 60 days from this order - application disposed off.
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