https://www.taxtmi.com/caselaws?id=767049 NCLAT set aside NCLT's order admitting Section 7 application against appellant and remanded matter back to NCLT. The tribunal held that the issue of whether appellant, being a registered NBFC, was engaged in providing financial services had never been properly considered by NCLT. Since this determination affects maintainability of Section 7 proceedings against NBFCs, appellant must be given opportunity to prove through evidence that it was engaged in financial services. The question of whether Section 7 application is maintainable against a NBFC remains open for NCLT's determination. Appeal allowed by way of remand. en-us Thu, 06 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767049 NCLAT set aside NCLT's order admitting Section 7 application against appellant and remanded matter back to NCLT. The tribunal held that the issue of whether appellant, being a registered NBFC, was engaged in providing financial services had never been properly considered by NCLT. Since this determination affects maintainability of Section 7 proceedings against NBFCs, appellant must be given opportunity to prove through evidence that it was engaged in financial services. The question of whether Section 7 application is maintainable against a NBFC remains open for NCLT's determination. Appeal allowed by way of remand. Case-Laws IBC Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767049