https://www.taxtmi.com/caselaws?id=345468 RBI's press release and directions to banks for initiating insolvency action against identified stressed accounts were upheld as a valid classification based on objective financial criteria, and not arbitrary, discriminatory, or ultra vires. The Court further held that a banking company could independently invoke Section 7 of the Insolvency and Bankruptcy Code, 2016, and that Section 35AA of the Banking Regulation Act, 1949 does not exclude that statutory right. It also refused to restrain the NCLT or the private bank, since no lack of jurisdiction, natural justice breach, or constitutional invalidity was shown. en-us Mon, 17 Jul 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345468 RBI's press release and directions to banks for initiating insolvency action against identified stressed accounts were upheld as a valid classification based on objective financial criteria, and not arbitrary, discriminatory, or ultra vires. The Court further held that a banking company could independently invoke Section 7 of the Insolvency and Bankruptcy Code, 2016, and that Section 35AA of the Banking Regulation Act, 1949 does not exclude that statutory right. It also refused to restrain the NCLT or the private bank, since no lack of jurisdiction, natural justice breach, or constitutional invalidity was shown. Case-Laws Insolvency and Bankruptcy Mon, 17 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345468