https://www.taxtmi.com/caselaws?id=390734 A Section 7 insolvency petition was treated as non-maintainable where the record showed it was initiated exclusively because of an RBI stressed-assets circular later declared ultra vires. Although debt and default were not disputed, the decisive factor was that the consortium minutes treated the circular and its timeline as mandatory, fixed the filing deadline before the Tribunal, and contemplated insolvency only after the resolution process could not be implemented within that framework. As the proceedings were traceable solely to the invalid circular, actions founded on it could not survive and the petition was not fit for admission. en-us Tue, 19 Nov 2019 00:00:00 +0530 Fri, 10 Jan 2020 06:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390734 A Section 7 insolvency petition was treated as non-maintainable where the record showed it was initiated exclusively because of an RBI stressed-assets circular later declared ultra vires. Although debt and default were not disputed, the decisive factor was that the consortium minutes treated the circular and its timeline as mandatory, fixed the filing deadline before the Tribunal, and contemplated insolvency only after the resolution process could not be implemented within that framework. As the proceedings were traceable solely to the invalid circular, actions founded on it could not survive and the petition was not fit for admission. Case-Laws Insolvency and Bankruptcy Tue, 19 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390734