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TMI Blog2022 (7) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... gal means. We record these submissions made by the Ld. Counsel for the Corporate Debtor, which is made upon specific instructions to this effect. We feel that the interest of justice would be served if we direct the Corporate Debtor to keep Indian rupee equivalent to this amount in fixed deposit and receipt in this regard to be handed over to the Registry of this Tribunal to establish bona fides of the Corporate Debtor. The tenure of the Fixed Deposit shall be for a period of six months in the first instance. Ld.Counsel for the Corporate Debtor seeks three weeks to make deposit. At request and considering the circumstances and also the fact that the Corporate Debtor is stated to be an MSME, three weeks' time is granted. FDRs in this regard to be submitted to the Joint Registrar of this Tribunal on or before 30.09.2021. This arrangement is acceptable to the Operational Creditor as submitted by the Ld. Counsel appearing on its behalf. List the matter on 05.10.2021." 3. It is submitted that on August 30, 2021, when the matter was taken up for hearing by this Adjudicating Authority, it was submitted on behalf of the corporate debtor that it was ready and willing to make paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor subject to clearance from the RBI. 8. The next para "We feel that the interest of justice would be served if we direct the Corporate Debtor to keep Indian rupee equivalent to this amount in fixed deposit and receipt in this regard to be handed over to the Registry of this Tribunal to establish bona fides of the Corporate Debtor. The tenure of the Fixed Deposit shall be for a period of six months in the first instance" and the further order "Ld. Counsel for the Corporate Debtor seeks three weeks to make deposit. At request and considering the circumstances and also the fact that the Corporate Debtor is stated to be an MSME, three weeks' time is granted. FDRs in this regard to be submitted to the Joint Registrar of this Tribunal on or before 30.09.2021. This arrangement is acceptable to the Operational Creditor as submitted by the Ld. Counsel appearing on its behalf". 9. The aforesaid order was passed in the very presence of both the counsel and on the joint submissions of the parties and this FDR was agreed to be made as temporary arrangement till the RBI granted its permission to the foreign remittance against the import dues, invoices, for which representa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made once approval of the Regional Office of the Reserve Bank of India is obtained. (Annexure-D). 13. It is submitted that on or about March 19, 2019, the Corporate Debtor made an application before the General Manager, Reserve Bank of India, Foreign Exchange Department, 15, Netaji Subhas Road, B.B.D Bagh, Kolkata -700001, seeking Reserve Bank of India's approval for delayed remittance against import invoices as had been advised by its Banker. (Annexure-E). 14. It is submitted that the Reserve Bank of India by its letter dated April 02, 2019, a Photostat copy whereof is enclosed as Annexure-F, responded to the aforesaid letter advising the Corporate Debtor to route its request through its banker and returned the said application. Based thereon, the Corporate Debtor by its letter dated April 09, 2014, instructed its banker to pursue the issue with the Reserve Bank of India for obtaining necessary approvals to make the foreign remittances. All relevant documents as had been requested by Indian Overseas Bank over telephonic discussions as well as in its letter dated May 31, 2019, were duly handed over, which has been recorded in the letters dated February 14, 2020, and March 16, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Interim Resolution profession who will initiate the corporate insolvency resolution process. The corporate debtor is financially capable of making the payments contemplated under the consent terms dated February 02, 2019, and has at all relevant times been ready and willing to perform its obligations thereunder. However, owing to the pendency of the approval from the Reserve Bank of India, Indian Overseas Bank has not made the requisite payments. Under such circumstances, the corporate debtor for no fault of its own and for reasons which are beyond its control and in no manner attributable to it is in breach of the said consent terms, which has not only resulted in the restoration of the company petition but has prompted the operational creditor to seek an order of admission against it. 19. It is further stated that the breach of the settlement agreement is unintentional and entirely beyond the control of the corporate debtor. The corporate debtor has at all times diligently pursued the matter with its banker as the Reserve Bank of India has refused to entertain the application made by it directly and had advised it to route its request through Indian Overseas Bank. The corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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