The appeal was filed against the order dated 05.07.2023, by which an application filed under Section 7 of the Insolvency and Bankruptcy Code against the Appellant was admitted. The Appellant claimed to be a Non-Banking Financial Company (NBFC) and argued that Section 7 application was not maintainable against it.
An application under Section 7 of the Insolvency and Bankruptcy Code was filed against the Appellant.
The Appellant claimed to be a Non-Banking Financial Company (NBFC).
The Respondent (HDFC Bank) provided information obtained under the Right to Information Act, 2005, stating that the Appellant was not registered as an NBFC with the RBI.
The Appellant produced a certificate of registration as NBFC.
The Tribunal initially dismissed the appeal but later recalled the dismissal order.
The RBI clarified that it had issued a certificate of registration to the Appellant.
The Tribunal remanded the matter back to the NCLT to determine whether the application under Section 7 is maintainable against the Appellant, considering the NBFC status.
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Order passed by NCLT…
Court recorded submissions regarding the…
The appeal was filed against the order dated 05.07.2023, by which an application filed under Section 7 of the Insolvency and Bankruptcy Code against the Appellant was admitted. The Appellant claimed to be a Non-Banking Financial Company (NBFC) and argued that Section 7 application was not maintainable against it.
An application under Section 7 of the Insolvency and Bankruptcy Code was filed against the Appellant.
The Appellant claimed to be a Non-Banking Financial Company (NBFC).
The Respondent (HDFC Bank) provided information obtained under the Right to Information Act, 2005, stating that the Appellant was not registered as an NBFC with the RBI.
The Appellant produced a certificate of registration as NBFC.
The Tribunal initially dismissed the appeal but later recalled the dismissal order.
The RBI clarified that it had issued a certificate of registration to the Appellant.
The Tribunal remanded the matter back to the NCLT to determine whether the application under Section 7 is maintainable against the Appellant, considering the NBFC status.
Order passed by NCLT…
Court recorded submissions regarding the…