https://www.taxtmi.com/caselaws?id=399353 An application under Section 7 of the Insolvency and Bankruptcy Code could not be rejected merely on the footing that it was filed pursuant to the RBI circular dated 12.02.2018. The circular applied only to large accounts with aggregate exposure of Rs. 2,000 crore and above on or after 01.03.2018, while the debt here was below that threshold and the restructuring process had already begun before the circular. Reference to the new RBI guidelines in meeting minutes did not show that the application was filed solely because of the circular. As the circular was inapplicable on the facts, the ratio in Dharani Sugars did not govern, and rejection on that ground alone was unsustainable. en-us Mon, 07 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399353 An application under Section 7 of the Insolvency and Bankruptcy Code could not be rejected merely on the footing that it was filed pursuant to the RBI circular dated 12.02.2018. The circular applied only to large accounts with aggregate exposure of Rs. 2,000 crore and above on or after 01.03.2018, while the debt here was below that threshold and the restructuring process had already begun before the circular. Reference to the new RBI guidelines in meeting minutes did not show that the application was filed solely because of the circular. As the circular was inapplicable on the facts, the ratio in Dharani Sugars did not govern, and rejection on that ground alone was unsustainable. Case-Laws IBC Mon, 07 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399353