Section 7(6)(b) in Jammu and Kashmir State Electricity Regulatory Commission (Licensing) Regulations, 2013
(b)An applicant applying for a trading licence, and if the applicant is a company, the promoters of the company, and if the applicant is a partnership firm, the partners of the firm, shall at no time have been classified as "wilful defaulter" by the Reserve Bank of India or any other bank /authority.