The case involves an application filed by the Corporate Debtor (Jeevan Jyoti Vanijya Limited) under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking to recall an order dated 15.01.2019. This earlier order had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD). The CD's primary argument for recall is that it is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI) since 1.1.2003, and therefore, CIRP should not have been initiated against it.
Nimit Builders Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Jeevan Jyoti Vanijya Limited. Jeevan Jyoti Vanijya Limited filed an application to recall the CIRP order, arguing it is a registered Non-Banking Financial Company (NBFC) with RBI since 1.1.2003. The initial CIRP order was passed on 2019-01-15. Jeevan Jyoti Vanijya Limited claimed exclusion from the definition of 'Corporate Person' under Section 3(7) of the Insolvency and Bankruptcy Code (IBC), 2016. Nimit Builders Private Limited argued that Jeevan Jyoti Vanijya Limited did not disclose its NBFC status earlier. Nimit Builders Private Limited also argued that Jeevan Jyoti Vanijya Limited does not necessarily render financial services. 24 cheques amounting to Rs.2,40,00,000/-
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Jeevan Jyoti Vanijya Limited registered as a…
24 cheques amounting to Rs.2,40,00,000/- issued…
The case involves an application filed by the Corporate Debtor (Jeevan Jyoti Vanijya Limited) under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking to recall an order dated 15.01.2019. This earlier order had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD). The CD's primary argument for recall is that it is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI) since 1.1.2003, and therefore, CIRP should not have been initiated against it.
Nimit Builders Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Jeevan Jyoti Vanijya Limited. Jeevan Jyoti Vanijya Limited filed an application to recall the CIRP order, arguing it is a registered Non-Banking Financial Company (NBFC) with RBI since 1.1.2003. The initial CIRP order was passed on 2019-01-15. Jeevan Jyoti Vanijya Limited claimed exclusion from the definition of 'Corporate Person' under Section 3(7) of the Insolvency and Bankruptcy Code (IBC), 2016. Nimit Builders Private Limited argued that Jeevan Jyoti Vanijya Limited did not disclose its NBFC status earlier. Nimit Builders Private Limited also argued that Jeevan Jyoti Vanijya Limited does not necessarily render financial services. 24 cheques amounting to Rs.2,40,00,000/-
…Jeevan Jyoti Vanijya Limited registered as a…
24 cheques amounting to Rs.2,40,00,000/- issued…