https://www.taxtmi.com/caselaws?id=442905 The Tribunal held that Financial Service Providers, including the Corporate Debtors who were Stock Brokers and registered with SEBI, are not amenable to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code. The Corporate Debtors' nature of functions as Financial Service Providers confirmed their exclusion from the definition of 'corporate person'. The National Stock Exchange had the locus standi to challenge the orders, and the Tribunal found that the insolvency proceedings were an attempt to hinder regulatory actions. Consequently, the Section 7 applications were deemed not maintainable, and the Corporate Insolvency Resolution Process against the Corporate Debtors was closed. en-us Mon, 11 Sep 2023 00:00:00 +0530 Wed, 13 Sep 2023 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442905 The Tribunal held that Financial Service Providers, including the Corporate Debtors who were Stock Brokers and registered with SEBI, are not amenable to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code. The Corporate Debtors' nature of functions as Financial Service Providers confirmed their exclusion from the definition of 'corporate person'. The National Stock Exchange had the locus standi to challenge the orders, and the Tribunal found that the insolvency proceedings were an attempt to hinder regulatory actions. Consequently, the Section 7 applications were deemed not maintainable, and the Corporate Insolvency Resolution Process against the Corporate Debtors was closed. Case-Laws Insolvency and Bankruptcy Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442905