TaxTMI 
TaxTMI 
2020 (3) TMI 26
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....de" for short) by 'Olympia Credits & Mercantile Private Limited'- ('Financial Creditor'), the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 24th August, 2018 initiated the 'Corporate Insolvency Resolution Process' against 'Prithvi Finvest Company Pvt. Ltd.'- ('Corporate Debtor'). 2. The Adjudicating Authority while admitting the application also passed order of Moratorium under Section 14 of the 'I&B Code'. The 'Resolution Professional' and the suspended Board of Directors were directed to co-operate with the 'Resolution Professional'. 3. However, the Directors/Promoters (suspended Board of Directors) of the 'C....
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.... or fund in the name of the creditors it is understood that certain transfers are related to payment of professional fees to one of its employees of the corporate debtor to whom allegations also leveled by the financial creditors and the audit fee payable to the auditor. So the creditors who have received the amount from the corporate debtor between 15.01.2018 and till the management of the affairs of the corporate debtor has been taken over by the present Resolution Professional is liable to be refunded to the account of the corporate debtor. Being satisfied that transfer of fund by the corporate debtor is illegal the interim relief as sought for is to be allowed in the case in hand. Accordingly, interim relief as prayed for is allowed upo....
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....d 3(14)(b) of the 'I&B Code' and it has obtained a Certificate of Registration under section 45-IA of the Reserve Bank of India Act, 1934 and is a Non-Banking Financial Company 'not authorised to accept public deposit' come within the meaning of 'Financial Service Provider'. 10. Reliance has been placed on Memorandum of Association of the alleged 'Corporate Debtor' to show that the main object of it provides 'to lend and advance money with or without security to such person firms or companies' and as one of its incidental or ancillary objects provides 'to borrow or raise or secure the payment of money from any Bank or Banks or any financial institution or any other persons for the purpose of th....
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.... Kumar Garodia, Mr. Nishant Garodia and Mr. Ramgopal Garodia and Sons HUF and filed appeal before this Appellate Tribunal in Bijay Kumar Garodia v Anadya Properties (P.) Ltd. [Company Appeal (AT) (Insolvency) No. 569 of 2018, 20-9-2018. The said appeal was dismissed by this Appellate Tribunal by an order dated 20-9-2018] in absence of any illegality in the order passed by the Adjudicating Authority. 17. It was submitted that the Appellants by suppressing the aforesaid fact filed the present appeal with a mala fide intention for modification of the earlier order passed by this Appellate Tribunal. The Respondents have disputed the claim made by the Appellant that the 'Corporate Debtor' is a 'financial service provider'. ....
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.... ending 31st March, 2017 to suggest that it is merely an accrued interest on unsecured loans but actually not doing any business of 'financial service provider'. 24. Section 3(7) which defines 'Corporate Person' excludes any 'financial service provider'. The said provision does not talk of any non-banking financial institution, in general, as evident from Section 3(7), as under: "3. Definitions ....... (7) "corporate person" means a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), or any other person incorporated with l....