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2019 (6) TMI 1563 - NATIONAL COMPANY LAW TRIBUNAL , CUTTACK BENCHMaintainability of application - initiation of CIRP - Corporate Debtor committed default in paying financial debt - existence of debt and dispute or not - HELD THAT:- It is clear that once it is shown that matter was referred to RBI and the proceeding is filed as per instructions of the RBI then it has to be seen whether such instructions were issued by RBI in compliance with section 35AA of Banking Regulation Act, 1949. Whether initiation of this proceeding against the Corporate Debtor is independent or it was as the RBI instructions contented in letter dated 28.08.2017? - HELD THAT:- This proceeding Under Section 7 of the Insolvency and Bankruptcy Code, is filed against Corporate Debtor by SBI, is not filed independently but it is filed as per instructions of the RBI as contemplated Under Section 35AA of the Banking Regulation Act, 1949. The SBI has initiated this proceeding under Insolvency and Bankruptcy Code, against the Corporate Debtor on the basis of RBI directions dated 28.08.2017. Circular date 28.08.2017 is also on record at Page 142. RBI has directed State Bank of India to initiate proceeding under Insolvency and Bankruptcy Code, against some of the defaulters including the Corporate Debtor - It appears from evidence on record that this proceeding is initiated by the State Bank of India against the Corporate Debtor as per instructions of the RBI. Hence, this proceeding Under Section 7 of IBC appears to be not maintainable. Petition dismissed.
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