https://www.taxtmi.com/caselaws?id=405578 An issue arose whether an asset reconstruction company could submit a resolution plan under the Insolvency and Bankruptcy Code without prior RBI approval under the SARFAESI Act, and whether section 29A(j) of the Insolvency and Bankruptcy Code had to be reconciled with section 10 of SARFAESI. The court noted the competing positions on this statutory interaction and the challenge to the RBI show cause notice. It directed the concerned departments to consult with the RBI and file a common affidavit, while continuing the interim order. No final adjudication was made on the substantive issue. en-us Thu, 18 Mar 2021 00:00:00 +0530 Tue, 23 Mar 2021 08:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405578 An issue arose whether an asset reconstruction company could submit a resolution plan under the Insolvency and Bankruptcy Code without prior RBI approval under the SARFAESI Act, and whether section 29A(j) of the Insolvency and Bankruptcy Code had to be reconciled with section 10 of SARFAESI. The court noted the competing positions on this statutory interaction and the challenge to the RBI show cause notice. It directed the concerned departments to consult with the RBI and file a common affidavit, while continuing the interim order. No final adjudication was made on the substantive issue. Case-Laws Insolvency and Bankruptcy Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405578