https://www.taxtmi.com/caselaws?id=405298 Section 7 insolvency proceedings were treated as maintainable where the RBI directions flowed from the Central Government's notification under section 35-AA of the Banking Regulation Act, 1949. The tribunal record indicated that the corporate debtor's account was included in the specific list referred for resolution, and the later communication dated 28.8.2017 was treated as a direction tied to identified defaults rather than a general instruction outside the statutory framework. On that basis, the objection that Central Government authorisation was lacking failed, and the dismissal of the section 7 petition was found unsustainable; the connected review appeal also became infructuous once the main order was set aside. en-us Mon, 15 Mar 2021 00:00:00 +0530 Wed, 17 Mar 2021 09:10:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405298 Section 7 insolvency proceedings were treated as maintainable where the RBI directions flowed from the Central Government's notification under section 35-AA of the Banking Regulation Act, 1949. The tribunal record indicated that the corporate debtor's account was included in the specific list referred for resolution, and the later communication dated 28.8.2017 was treated as a direction tied to identified defaults rather than a general instruction outside the statutory framework. On that basis, the objection that Central Government authorisation was lacking failed, and the dismissal of the section 7 petition was found unsustainable; the connected review appeal also became infructuous once the main order was set aside. Case-Laws Insolvency and Bankruptcy Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405298