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2019 (12) TMI 1406 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - financial service provider - existence of debt and dispute or not - HELD THAT:- The definition of financial services as defined under section 3(16) of IBC is not limited to 9 activities as shown at clause (a) to (i) of section 3(16). The aforesaid clauses (a) to (i) are inclusive which means there are other services which come within meaning of financial service and in the instant case the certificate of registration issued by the RBI shows that the Corporate Debtor is non-banking financial company prohibited from taking public deposits. Therefore, it is clear that the Respondent being a non-banking financial company and being a financial service provider does not come in the purview of IBC as it is not a corporate person/ Corporate Debtor. In view of the judgements of RANDHIRAJ THAKUR DIRECTOR, MAYFAIR CAPITAL PRIVATE LIMITED VERSUS M/S. JINDAL SAXENA FINANCIAL SERVICES PRIVATE LIMITED AND MAYFAIR CAPITAL PRIVATE LIMITED [2018 (10) TMI 913 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] the Respondent being a non-banking financial company carrying business of financial institution and thereby it being financial service provider cannot be included within the purview of corporate person/ corporate debtor and the IBC. Petition dismissed.
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