By ON Ravi
Last week, the principal bench of National Company Law Tribunal (NCLT), Delhi, dismissed a corporate insolvency application under the Insolvency and Bankruptcy Code, 2016 filed by HDFC against RHC Holding, on the ground that RHC Holding is a financial service provider and as such would not come within the ambit of the Code. In September 2018, in a similar case, the National Company Law Appellate Tribunal, Delhi disposed of an appeal.
(Randhiraj Thakur vs Jindal Saxena Financial Services) ruling that a corporate insolvency resolution process cannot be initiated against a financial service provider (FSP). Both the rulings went by the definition of corporate person mentioned in the Code. The definition of a corporate person under…
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