TMI Blog2018 (12) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... S. K. Mohapatra, Member 1. HDFC Ltd. claiming as the financial creditor, has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company M/ s RHC Holding Pvt. Ltd. claimed as the corporate debtor. 2. The Respondent Company M/S RHC Holding Pvt. Ltd. ( CIN No. U 67190 DL 2007 mc 162322 ) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 19.04.2007 having its registered office at Prius Platinum, Ground Floor, D3, District Centre, Saket, Delhi - 110017. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that even after adjusting the proceeds from the sale of pledged shares, a substantial amount remained outstanding. HDFC Ltd. accordingly addressed several communications to the Corporate Debtor demanding payment of dues. It is alleged that despite repeated reminders, the Corporate Debtor has failed to pay the dues. 9. It is submitted that the total amount due from the respondent as on 31.05.2018 is ₹ 41, 09, 81,913/. In view of the default in repayment of the outstanding dues, it has been prayed that the petition be admitted and Corporate Insolvency Resolution Process to be forthwith cbmmenced qua the respondent Corporate Debtor. 10. The applicant HDFC Limited has placed on record voluminous and overwhelming evidence in support of its claim as well as to prove the default committed by the respondent company. The material on record goes to show that respondent company committed default in repayment of the loan an-mount even after demand made by the applicant bank. In the background it is argued that once there is existence of default and the application is complete and that no disciplinary proceeding is pending against the proposed resolution professional, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SUPERVISION NEW DELHI REGIONAL OFFICE CERTIFICATE OF REGISTRATION (Not valid for accepting Public Deposits) No. N-14. 03142 In exercise of the powers conferred on the Reserve Bank of India by Section 45 IA of the Reserve Bank of India Act, 1934. RHC HOLDING PRIVATE LIMITED (FORMERLY SOLARIES FINANCE PRIVATE LIMITED) is hereby granted Certificate of Registration To commence/carry on the business of nonbanking financial without accepting public deposits subject to the conditions given on the reverse. Given under my hand at this 3rd day of April Two thousand Eight. New Delhi SD/- General Manager (emphasis given) 17. A bare perusal of the aforesaid certificate issued by the Reserve Bank of India clearly shows that the respondent company has been registered as a non-banking financial company with the prohibition from accepting public deposits. 18. The term 'Corporate Debtor' has been defined under Section 3 (8) of the Code as follows: (8) corporate debtor means a corporate person who owes a debt to any person. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing to the contrary examined in this Code or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as may be prescribed. 24. As discussed, the financial service providers are excluded from the definition of corporate person and hence the provisions of Part Il of the Code do not apply to the financial service providers. Notwithstanding such exclusion and inapplicability of the provisions of Part Il of the Code, Section 227 provides that the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings which may be conducted under this Code, in such manner as may be prescribed. However, no such notification has been issued by the Central Government under the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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