https://www.taxtmi.com/caselaws?id=794958 Section 7 CIRP proceedings remain valid where they were initiated independently of an invalidated RBI circular, including through prior loan recall, legal notice and recovery action. The circular did not form the basis of the insolvency application, and no approved restructuring or one-time settlement existed. Once financial debt and default are established, admission into CIRP follows unless the narrow Vidharbha Industries exception applies. Alleged government dues that are neither adjudicated nor realisable, and do not exceed the financial debt, do not justify refusing admission. Farmers' claims are to be considered by the Resolution Professional in accordance with law. en-us Mon, 13 Jul 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794958 Section 7 CIRP proceedings remain valid where they were initiated independently of an invalidated RBI circular, including through prior loan recall, legal notice and recovery action. The circular did not form the basis of the insolvency application, and no approved restructuring or one-time settlement existed. Once financial debt and default are established, admission into CIRP follows unless the narrow Vidharbha Industries exception applies. Alleged government dues that are neither adjudicated nor realisable, and do not exceed the financial debt, do not justify refusing admission. Farmers' claims are to be considered by the Resolution Professional in accordance with law. Case-Laws IBC Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794958