https://www.taxtmi.com/caselaws?id=278029 Alleged non-compliance with Reserve Bank of India circulars and the Reserve Bank of India Act did not defeat a section 7 Insolvency and Bankruptcy Code application founded on financial debt and default. The tribunal treated those objections as collateral to the insolvency claim and rejected them. The limitation plea also failed: applying Article 137 of the Limitation Act, the application was held to be within three years, with the right to apply treated as having accrued on the commencement of the insolvency regime and the default regarded as continuing. The admission of the insolvency application was therefore left undisturbed. en-us Thu, 05 Jul 2018 00:00:00 +0530 Sat, 05 Jan 2019 06:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278029 Alleged non-compliance with Reserve Bank of India circulars and the Reserve Bank of India Act did not defeat a section 7 Insolvency and Bankruptcy Code application founded on financial debt and default. The tribunal treated those objections as collateral to the insolvency claim and rejected them. The limitation plea also failed: applying Article 137 of the Limitation Act, the application was held to be within three years, with the right to apply treated as having accrued on the commencement of the insolvency regime and the default regarded as continuing. The admission of the insolvency application was therefore left undisturbed. Case-Laws Companies Law Thu, 05 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278029