DEBANGSU BASAK, J.

1. There are two-fold prayers in the writ petition. One prayer relates to a direction upon the bank to act in terms of the Guidelines dated February 12, 2018 particularly clause 12 thereof issued by the Reserve Bank of India in exercise of powers under Sections 35A, 35AA and 35AB of the Banking Regulation Act, 1949 and Section 45(L) of the Reserve Bank of India Act, 1934. The other prayer is that, the bank should not be allowed to proceed with C.P. (IB) No. 1068/KB/2018 pending before the National Company Law Tribunal, Kolkata, since the proceedings were filed in violation of the Guidelines dated February 12, 2018.

2. Learned Advocate appearing for the petitioners submits that, after the Insolvency and Bankruptcy Code, 2016 came into effect, the provisions of the Banking Regulation Act, 1949 underwent amendments. Section 35AA and Section 35AB were introduced to the Act of 1949. The two new provisions introduced to the Act of 1949 empower the Reserve Bank of India to issue guidelines for the purpose of implementing the provisions of the Code of 2016. He refers to the Action Plan to implement the provisions of Sections 35AA and 35AB of the Act of 1949 as fo