https://www.taxtmi.com/caselaws?id=388964 A Section 7 insolvency application filed solely in compliance with an RBI circular later declared ultra vires could not be sustained as an independent invocation of the Insolvency and Bankruptcy Code. The record showed that the decision to commence CIRP was taken only under that circular, so once the circular was struck down, the basis for the application disappeared. On that reasoning, the petition was treated as non est and the insolvency application was not maintainable. en-us Fri, 08 Nov 2019 00:00:00 +0530 Thu, 28 Nov 2019 11:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388964 A Section 7 insolvency application filed solely in compliance with an RBI circular later declared ultra vires could not be sustained as an independent invocation of the Insolvency and Bankruptcy Code. The record showed that the decision to commence CIRP was taken only under that circular, so once the circular was struck down, the basis for the application disappeared. On that reasoning, the petition was treated as non est and the insolvency application was not maintainable. Case-Laws Insolvency and Bankruptcy Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388964