https://www.taxtmi.com/caselaws?id=290428 A Reserve Bank of India circular dated 12.02.2018, read with sections 35AA and 35AB of the Banking Regulation Act, was treated as a guideline for banks and not as a bar on a financial creditor's statutory right to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016; section 238 was applied to give the Code overriding effect over any inconsistent circular or guideline. The section 7 application was also supported by records of default, acknowledgements of debt, correspondence admitting default, bank statements, and the required professional declaration, so the statutory threshold and filing requirements were satisfied. CIRP was accordingly commenced, moratorium directions followed, and an interim resolution professional was appointed. en-us Wed, 25 Jul 2018 00:00:00 +0530 Fri, 25 Sep 2020 20:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290428 A Reserve Bank of India circular dated 12.02.2018, read with sections 35AA and 35AB of the Banking Regulation Act, was treated as a guideline for banks and not as a bar on a financial creditor's statutory right to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016; section 238 was applied to give the Code overriding effect over any inconsistent circular or guideline. The section 7 application was also supported by records of default, acknowledgements of debt, correspondence admitting default, bank statements, and the required professional declaration, so the statutory threshold and filing requirements were satisfied. CIRP was accordingly commenced, moratorium directions followed, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290428