https://www.taxtmi.com/caselaws?id=291735 A section 7 insolvency application was found unsustainable where contemporaneous records showed the financial creditor acted on RBI instructions rather than an independent commercial decision. The applicable principle was that directions to initiate insolvency resolution under the Insolvency and Bankruptcy Code must be traceable to section 35AA of the Banking Regulation Act, while RBI's other powers over stressed assets remain distinct. Because the materials indicated that the corporate debtor was referred to NCLT pursuant to RBI instructions without the required Central Government concurrence, the insolvency petition was held not maintainable and was dismissed. en-us Tue, 25 Jun 2019 00:00:00 +0530 Tue, 24 Nov 2020 09:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291735 A section 7 insolvency application was found unsustainable where contemporaneous records showed the financial creditor acted on RBI instructions rather than an independent commercial decision. The applicable principle was that directions to initiate insolvency resolution under the Insolvency and Bankruptcy Code must be traceable to section 35AA of the Banking Regulation Act, while RBI's other powers over stressed assets remain distinct. Because the materials indicated that the corporate debtor was referred to NCLT pursuant to RBI instructions without the required Central Government concurrence, the insolvency petition was held not maintainable and was dismissed. Case-Laws Insolvency and Bankruptcy Tue, 25 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291735