Mr. Ankit Patni, Promoter and Director of ‘Impex Metal & Ferro Alloys Limited' (Corporate Debtor), filed an appeal against the order dated 3rd July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted the application preferred by the Respondent, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant argued that the application under Section 7 was not maintainable because the State Bank of India was bound by the directions of the Reserve Bank of India and was required to follow the statutory mandate. The Appellant contended that the circulars issued by the Reserve Bank of India provided a two-year period for issuance of reference dates and that the State Bank of

Mr. Ankit Patni, Promoter and Director of ‘Impex Metal & Ferro Alloys Limited' (Corporate Debtor), filed an appeal against the order dated 3rd July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted the application preferred by the Respondent, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant argued that the application under Section 7 was not maintainable because the State Bank of India was bound by the directions of the Reserve Bank of India and was required to follow the statutory mandate. The Appellant contended that the circulars issued by the Reserve Bank of India provided a two-year period for issuance of reference dates and that the State Bank of