TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether a non-banking financial company registered with the Reserve Bank of India falls within the exclusion of "financial service provider" and is therefore outside the definition of "corporate person" for the purpose of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Analysis: The certificate of registration showed that the respondent was authorised to carry on the business of a non-banking financial company, though not to accept public deposits. The definitions in Section 3 of the Insolvency and Bankruptcy Code, 2016 make it clear that a "corporate person" does not include any financial service provider, and that a financial service provider is a person engaged in the business of providing financial services under authorisation or registration by a financial sector regulator. The definition of "financial service" is inclusive and is not confined only to acceptance of deposits. The Court held that the activities covered by Section 3(16) are wider and that a registered non-banking financial institution can fall within the exclusion. The contention based on alleged violation of Reserve Bank of India conditions was held to be irrelevant to the maintainability of the Section 7 application.
Conclusion: The respondent was treated as a financial service provider and was outside the scope of corporate person under the Code; the Section 7 application was not maintainable.
TaxTMI 
TaxTMI 
