NCLT Approves Insolvency Process Despite Alleged RBI Priority Sector Lending Violations; Legal Remedies Available for Appellant.

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....Initiation of CIRP - NCLT admitted the application - NPA - the plea of the Appellant regarding violation of the RBI Guidelines on Priority Sector Landing cannot be allowed to affect the fate of the application filed under Section 7 of the Code. It is for the Appellant to seek necessary remedies, if any and if required against the Respondent No. 1 for violation of Master Circular of RBI regarding Priority Sector Landing at appropriate forum in accordance with the law. - AT....