https://www.taxtmi.com/caselaws?id=355932 NBFC registration did not, by itself, exclude the respondent from insolvency proceedings under the Code; the Tribunal applied a functional test and held that exclusion depends on the nature of the transaction and whether the activity is in fact a financial service. The recall/review challenge based on alleged non-service and fraud failed because the record showed dispatch and receipt of notices, the applicant remained absent, and the order was treated as appealable rather than recallable on the facts proved. Pendency of winding-up petitions also did not bar admission, since no official liquidator had been appointed and the statutory bar was not attracted. The admission order was upheld, with costs imposed. en-us Mon, 08 Jan 2018 00:00:00 +0530 Wed, 21 Feb 2018 06:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355932 NBFC registration did not, by itself, exclude the respondent from insolvency proceedings under the Code; the Tribunal applied a functional test and held that exclusion depends on the nature of the transaction and whether the activity is in fact a financial service. The recall/review challenge based on alleged non-service and fraud failed because the record showed dispatch and receipt of notices, the applicant remained absent, and the order was treated as appealable rather than recallable on the facts proved. Pendency of winding-up petitions also did not bar admission, since no official liquidator had been appointed and the statutory bar was not attracted. The admission order was upheld, with costs imposed. Case-Laws Insolvency and Bankruptcy Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355932