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2020 (3) TMI 158 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIRecall the Order of admission - Adjudicating Authority was of the view that Corporate Debtor was required to establish that it was rendering financial services as defined under section 3(16) of IBC and that it is financial service provider as defined under section 3(17) of IBC which would require appreciation of evidence - HELD THAT:- The present case is squarely covered by a Judgement of this Tribunal in the matter of Housing Development Finance Corpn. Ltd. v. RHC Holding (P.) Ltd. [ 2019 (7) TMI 638 - NATIONAL COMPANY LAW APPELLANT TRIBUNAL NEW DELHI ] - In that matter, Section 7 Application against M/s. RHC Holding Private Ltd. (Corporate Debtor) had been rejected giving rise to the Appeal. The Appellant - HDFC claimed that the Corporate Debtor in that matter was not Financial Service Provider. In that matter also, the Corporate Debtor had been issued Certificate by RBI as NBFC and had not been allowed to accept public deposits. The definition of Corporate Person in section 3(7) of IBC specifically provides that it shall not include "any financial service provider". Considering the Certificate issued by the Reserve Bank of India and also documents as placed on record by the Appellant - Corporate Debtor, we have no hesitation to hold that the Corporate Debtor in the present matter on date of Application being financial service provider, the provisions of IBC could not have been invoked against the Corporate Debtor. There are no fault with the Impugned Order of Adjudicating Authority where it observed that it does not have jurisdiction to recall its Order of admission but do not agree with its other findings referred earlier and imposing of costs. However, this Tribunal has jurisdiction in Appeal to consider whether initiation of CIRP process against the Corporate Debtor is legal or not. The impugned order admitting the section 7 Application under IBC as well as further steps taken on admission of the Application and release the 'Corporate Debtor' from rigour of 'Corporate Insolvency Resolution Process', is set aside.
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