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2020 (3) TMI 26 - AT - Insolvency and BankruptcyCIRP Process - violation of section 17 of the 'I&B Code' and Moratorium declared under section 14 of the 'I&B Code' by the 'Resolution Professional' and the Directors of the 'Corporate Debtor' - issue of direction to the 'Corporate Debtor' to recall the funds allegedly diverted by the Directors during the period of Moratorium - HELD THAT:- The 'Corporate Debtor' being a 'Financial Institution' as defined under section 3(14)(a) and 3(14)(b) of the 'I&B Code' and it has obtained a Certificate of Registration under section 45-IA of the Reserve Bank of India Act, 1934 and is a Non-Banking Financial Company 'not authorised to accept public deposit' come within the meaning of 'Financial Service Provider'. It is evident that all 'non-banking financial institution' has been excluded from the definition of the 'Corporate Person', except those which are 'financial service provider'. The Appellant has failed to show any document that it is actually performing the business of 'financial service provider', as defined under the 'I&B Code'. On the other hand, the Respondents have shown that it is not actually performing the business of 'financial service provider' and thereby does not come within the meaning of 'financial service provider'. For violating the provisions of the 'I&B Code' including section 14, if the Appellant is liable for punishment under Chapter VII of the 'I&B Code', particularly section 70, 74 etc. of the 'I&B Code', they cannot divert the issue of punishment or their alleged violation of the order of the Adjudicating Authority/Tribunal by raising a separate issue which is not required for determination in this appeal in absence of any challenge of order of admission. Appeal dismissed.
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