https://www.taxtmi.com/caselaws?id=386225 The Tribunal rejected the Financial Creditor's application under section 7 of the Insolvency & Bankruptcy Code, declaring it non est due to being based on an RBI circular deemed ultra vires by the Supreme Court. The Corporate Debtor's challenge on various grounds was upheld, emphasizing the need for adherence to legal guidelines and invalidation of circular-based proceedings. The order directed communication to both parties and issuance of a certified copy upon formalities' compliance, disposing of the proceeding. en-us Fri, 28 Jun 2019 00:00:00 +0530 Wed, 25 Sep 2019 06:40:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386225 The Tribunal rejected the Financial Creditor's application under section 7 of the Insolvency & Bankruptcy Code, declaring it non est due to being based on an RBI circular deemed ultra vires by the Supreme Court. The Corporate Debtor's challenge on various grounds was upheld, emphasizing the need for adherence to legal guidelines and invalidation of circular-based proceedings. The order directed communication to both parties and issuance of a certified copy upon formalities' compliance, disposing of the proceeding. Case-Laws Insolvency and Bankruptcy Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386225