https://www.taxtmi.com/caselaws?id=373562 RBI circulars issued under the Banking Regulation Act, 1949 did not curtail a financial creditor's statutory right to invoke section 7 of the Insolvency and Bankruptcy Code, 2016. The 13 June 2017 circular applied only to identified accounts, and the 12 February 2018 circular took effect after the section 7 application had already been filed. Once debt, default, and a complete application were shown, the Adjudicating Authority was required to admit the insolvency petition. The circulars therefore did not bar initiation of the corporate insolvency resolution process, and the appeal failed. en-us Thu, 29 Nov 2018 00:00:00 +0530 Wed, 16 Jan 2019 09:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373562 RBI circulars issued under the Banking Regulation Act, 1949 did not curtail a financial creditor's statutory right to invoke section 7 of the Insolvency and Bankruptcy Code, 2016. The 13 June 2017 circular applied only to identified accounts, and the 12 February 2018 circular took effect after the section 7 application had already been filed. Once debt, default, and a complete application were shown, the Adjudicating Authority was required to admit the insolvency petition. The circulars therefore did not bar initiation of the corporate insolvency resolution process, and the appeal failed. Case-Laws Insolvency and Bankruptcy Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373562