2018 (2) TMI 1964 - AT - Insolvency and Bankruptcy

Service of Notice - Appellant submits that no notice was issued by the Adjudicating Authority (National Company Law Tribunal) prior to admitting the application under Section 7 of the Insolvency and Bankruptcy Code 2016 - HELD THAT - The Respondents are allowed to enclose the copy of the order passed by the Adjudicating Authority by which Registry of Tribunal was ordered to issue notice. Learned counsel for the Appellant next contended that the Corporate Debtor is a non-banking financial Company and is a financial service provider; therefore it does not come within the definition of Corporate Person nor a Corporate Debtor - Counsel for the Respondent prayed for and is allowed a week s time to file additional affidavit enclosing the copy of the order passed by the Adjudicating Authority by which Registry of Tribunal was ordered to issue notice. Post the matter on 15th March 2018.

Summary

The National Company Law Appellate Tribunal allowed the Respondents to enclose the order for notice issuance by the Adjudicating Authority. The Appellant argued that the 'Corporate Debtor' is a non-banking financial Company and not a 'Corporate Person', but accepted it as a 'Financial Creditor'. The Respondent was given a week to file an additional affidavit, and the matter was scheduled for 15th March, 2018.