Authority Must Evaluate Insolvency Petition on Merits, Not RBI Circular Influence, Says Section 7 of Bankruptcy Code.

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....Initiation of CIRP - Petition u/s 7 of the I&B Code is to be considered by the Adjudicating Authority on its own merits taking into consideration the records and in absence of any evidence to show that the State Bank of India filed the application only because of the ‘Circular’ issued by Reserve Bank of India, it was not open to the Adjudicating Authority to reject the application.....