# In the matter of Jeevan Jyoti Vanijya Limited CA No. 101-C-III-ND-2019 in C.P. No. IB-464-(ND)-2017

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02887. The case involves an application filed by the Corporate Debtor (Jeevan Jyoti Vanijya Limited)…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jeevan-jyoti-vanijya-limited-ca-no-101-c-iii-nd-2019-in-cp-no-ib-464-nd-2017-2f83b135

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Tribunal has the jurisdiction to …

**Ratio:** A tribunal generally lacks the inherent power to review its own orders unless explicitly

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**Reasoning:** The Tribunal stated that it is not vested with the power to revisit the final orders

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**Interpretation:** The interpretation is that the NCLT's powers are circumscribed by the statutes

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**Application:** The Tribunal applied this principle to the case at hand, finding that it could

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## Parties

- **Judges:** R. VARADH…; DeepaKr…
- **Appellants:** Nimit Builders…
- **Respondents:** Jeevan Jyoti…

## Timeline

- **2003-01-01 — Registration…**: Jeevan Jyoti Vanijya Limited registered as a Non-Banking Financial Company (NBFC) with…
- **2018-07-31 — Cheque Re…**: 24 cheques amounting to Rs.2,40,00,000/- issued by Jeevan Jyoti Vanijya Limited to Nimit…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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