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2020 (1) TMI 347 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADMaintainability of petition - initiation of CIRP - Corporate Debtor defaulted in making repayment - Section 7 of the Insolvency and Bankruptcy Code, read with Rule 4 of AAA Rules - it is the case of Corporate Debtor that proceedings was initiated against Corporate Debtor by Financial Creditor only basing on the circular issued by RBI dated 12.02.2018 - HELD THAT:- The Corporate Debtor has mainly relied on JLF meeting held on 06.09.2018. We have gone through the details of the minutes of JLF meeting held on 06.09.2018. It is very clear that the Financial Creditor mainly relied on the guidelines given in the circular of RBI dated 12.02.2018 and timelines provided thereunder and as resolution plan could not be implemented, therefore, the Financial Creditor to approach NCLT as per the circular of RBI. So, there is no other reason to refer the Corporate Debtor to NCLT except solely on the basis of timeline provided in the circular. The minutes of the meeting referred to above disclosed that last date referring the Corporate Debtor to NCLT expires by 11.09.2018. The present petition is also filed against Corporate Debtor on 11.09.2018. The resolution plan could not be deliberated because the timeline provided in the circular came to an end. So, there is no alternative except to refer the Corporate Debtor to NCLT. So, we are totally convinced that the Petition is filed by the Financial Creditor against Corporate Debtor only because of the circular of RBI dated 12.02.2018 which was held to be ultra vires and proceedings initiated in pursuance of said circular are declared to be non-est. Petition dismissed.
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