https://www.taxtmi.com/caselaws?id=758079 Cancellation of NBFC registration did not, by itself, change the entity's character where it remained subject to Reserve Bank of India regulatory control and had not substantively complied with the direction to reduce its financial assets below the prescribed threshold. The applicant was therefore treated as continuing to fall within the category of a financial service provider, excluding it from the definition of corporate person for section 10 proceedings. On that basis, the application for initiation of corporate insolvency resolution process was not maintainable and could not be entertained under the insolvency framework. en-us Mon, 12 Feb 2024 00:00:00 +0530 Fri, 06 Sep 2024 13:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758079 Cancellation of NBFC registration did not, by itself, change the entity's character where it remained subject to Reserve Bank of India regulatory control and had not substantively complied with the direction to reduce its financial assets below the prescribed threshold. The applicant was therefore treated as continuing to fall within the category of a financial service provider, excluding it from the definition of corporate person for section 10 proceedings. On that basis, the application for initiation of corporate insolvency resolution process was not maintainable and could not be entertained under the insolvency framework. Case-Laws Insolvency and Bankruptcy Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758079