The case involves an appeal against an order dated 14.06.2019 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-III, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Jeevan Jyoti Vanijya Limited (Corporate Debtor). The Corporate Debtor filed an application to recall the admission order, which was dismissed. The present appeal was filed by a shareholder of the Corporate Debtor, arguing that the Corporate Debtor is a non-banking finance company (NBFC) and thus excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC.
Saumil A. Bhavnagri filed an appeal against the order of NCLT. Nimit Builders Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jeevan Jyoti Vanijya Limited, the Corporate Debtor, for default in repayment of a loan of Rs.3,00,00,000/- disbursed on 2nd May, 2017. The application was admitted on 15th January, 2019. The Corporate Debtor then filed an application to recall the order, claiming to be a non-banking finance company (NBFC) registered on 1st January, 2003. The Adjudicating Authority rejected the recall application. The Corporate Debtor argued that as an NBFC, it is excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC. The Financial Creditor argued that
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The case involves an appeal against an order dated 14.06.2019 passed by the National Company Law Tribunal (NCLT), New Delhi Bench-III, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Jeevan Jyoti Vanijya Limited (Corporate Debtor). The Corporate Debtor filed an application to recall the admission order, which was dismissed. The present appeal was filed by a shareholder of the Corporate Debtor, arguing that the Corporate Debtor is a non-banking finance company (NBFC) and thus excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC.
Saumil A. Bhavnagri filed an appeal against the order of NCLT. Nimit Builders Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Jeevan Jyoti Vanijya Limited, the Corporate Debtor, for default in repayment of a loan of Rs.3,00,00,000/- disbursed on 2nd May, 2017. The application was admitted on 15th January, 2019. The Corporate Debtor then filed an application to recall the order, claiming to be a non-banking finance company (NBFC) registered on 1st January, 2003. The Adjudicating Authority rejected the recall application. The Corporate Debtor argued that as an NBFC, it is excluded from the definition of 'Corporate Person' under Section 3(7) of the IBC. The Financial Creditor argued that
…Financial Creditor…
Financial Creditor served a notice on the…