Housing Development Finance Corporation Ltd (HDFC Ltd), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against RHC Holding Pvt Ltd (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, rejected the application via an order dated 6.12.2018, leading to the present appeal.
Housing Development Finance Corporation Ltd (HDFC Ltd) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against RHC Holding Pvt Ltd, arguing that RHC Holding Pvt Ltd owed them a debt. The Adjudicating Authority rejected the application, stating that RHC Holding Pvt Ltd is a non-banking financial institution rendering 'financial service' and is therefore outside the scope of the I&B Code. RHC Holding Pvt Ltd is registered with the Reserve Bank of India (RBI) as a non-banking financial company but is not allowed to accept public deposits. RHC Holding Pvt Ltd is a holding company that invests in shares, bonds, debentures, debts, or loans in group companies and gives guarantees on behalf of group companies. The appellant
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Housing Development Finance Corporation Ltd (HDFC Ltd), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against RHC Holding Pvt Ltd (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, rejected the application via an order dated 6.12.2018, leading to the present appeal.
Housing Development Finance Corporation Ltd (HDFC Ltd) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against RHC Holding Pvt Ltd, arguing that RHC Holding Pvt Ltd owed them a debt. The Adjudicating Authority rejected the application, stating that RHC Holding Pvt Ltd is a non-banking financial institution rendering 'financial service' and is therefore outside the scope of the I&B Code. RHC Holding Pvt Ltd is registered with the Reserve Bank of India (RBI) as a non-banking financial company but is not allowed to accept public deposits. RHC Holding Pvt Ltd is a holding company that invests in shares, bonds, debentures, debts, or loans in group companies and gives guarantees on behalf of group companies. The appellant
…The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…