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2018 (10) TMI 913 - AT - Insolvency and BankruptcyCorporate insolvency process - original order was passed by the Adjudicating Authority without issuing notice to the ‘Corporate Debtor’ - Held that:- If the entire scheme of the I&B Code is seen, it will be evident that the Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of ‘corporate persons’, ‘partnership firms’ and ‘individual’ in a time bound manner. It is a self-contained Code which is exhaustive in nature when it comes to reorganisation and insolvency resolution. An exception had been carved out while enacting the Code that the ‘financial service providers’ have been kept outside the purview of the Code. Being a consolidating legislation only those acts are permitted which are mentioned in the Code and it cannot be made applicable to ‘financial service providers’ including ‘non-banking financial institutions’ and MFI’s banks, which have been kept outside the purview of the Code. The Adjudicating Authority has failed to notice the aforesaid provisions and passed the impugned order dated 8th January, 2018 initiating ‘insolvency corporate resolution process’ against ‘M/s. Mayfair Capital Pvt. Ltd.’, a ‘financial service provider’ (non-banking financial company). As the appellant was not a party before the Adjudicating Authority and the order was passed without notice to ‘M/s. Mayfair Capital Pvt. Ltd.’ (2nd Respondent), which has not been disputed by the 1st respondent and the appeal has been preferred immediately after the impugned order, this appeal cannot be dismissed on the ground of limitation having filed immediately when the appellant came to know the same. The impugned order having passed against the ‘financial service provider’ (non-financial company), is fit to be set aside. Accordingly, we set aside the impugned order dated 8th January, 2018 passed by the Adjudicating Authority.
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