# In the matter of Akhilesh Kumar vs. HDFC Bank Ltd. & Anr.

> NCLAT judgment dated 2025-03-06. Citation: TCN-2025-NCLAT-00395. The appeal was filed against the order dated 05.07.2023, by which an application filed under…

- **Court:** NCLAT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLAT-00395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/akhilesh-kumar-vs-hdfc-bank-ltd-anr-48a30cec

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Appellant is a Non-Banking …

**Ratio:** The determination of the Appellant's status as an NBFC is crucial because Section 7

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**Reasoning:** Conflicting information was presented, with the Respondent providing RTI information

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**Interpretation:** The Tribunal sought direct confirmation from the RBI regarding the Appellant's

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**Application:** The Tribunal ultimately relied on the RBI's confirmation of registration in

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## Parties

- **Judges:** Rakesh Kuma…; Ajai Das Me…
- **Appellants:** Akhilesh…
- **Respondents:** Madhuvan Tieup…; HDFC Bank…
- **Advocates:** Prakhar M…; Isha Vi…; +5 more

## Timeline

- **05.07.2023 — Order Da…**: Order passed by NCLT admitting Section 7…
- **18.07.2023 — Preliminary…**: Court recorded submissions regarding the Corporate Debtor being a Non-Banking Financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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