TaxTMI 
TaxTMI 
2025 (3) TMI 435
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....ficate and other relevant document, which however, on 11.07.2023 has been dismissed having become infructuous in view of order admitting Section 7 application. It is submitted that application filed by the HDFC Bank against the Corporate Debtor, which is a Non-Banking Financial Company (NBFC) could not have been entertained. Issue notice. Requisites alongwith process fee be filed within three days. Let Reply be filed by the Respondents within three weeks. Rejoinder be filed within two weeks thereafter. List this Appeal on 31.08.2023. In the meantime, impugned order dated 05.07.2023 shall remain stayed. 3. However, the appeal was dismissed by order dated 25.01.2024 because at that time the Appellant failed to prove that the Appellant is registered NBFC by the RBI. The order dated 25.01.2024 is also reproduced as under:- "This appeal is directed against the order dated 05.07.2023, passed by the National Company Law Tribunal, New Delhi Bench in CP No. (IB)- 25(ND)/2023 by which an application filed by the HDFC Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short 'Code') read with Rule 4 of the Inso....
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....any (NBFC) with the RBI on 11.02.2003? The RBI has answered this query in the following terms: "The NBFC- Madhuvan Tie up Pvt. Ltd. (CIN No. U51909DL1996PTC264255) is not registered with RBI as an NBFC." "The list of NBFCs registered with RBI is available on the website and can be accessed using the linkhttps://rbi.org.in/Scripts/BS NBFCList.aspx". 6. It is further submitted by the Respondent that the complete list running into almost thousand pages has also been placed on record in which the name of the Appellant as a registered NBFC by the RBI does not figure. On the basis of the aforesaid evidence, Counsel for the Respondent has submitted that the contention of the Appellant that it is a registered NBFC by the RBI is totally false. 7. Counsel for the Appellant has then submitted that the RBI has taken a decision on the basis of the list which has been released on the website whereas it has been submitted that the Appellant was listed at Kolkata and was transferred to Delhi and the Appellant has already approached the Hon'ble Delhi High Court in a writ petition in which the prayer has been made for a direction to the RBI to issue the c....
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....s never been cancelled by the RBI. Since the issue involved in the main appeal as to whether the Appellant is a NBFC to whom the certificate has been issued by the RBI or not and there are two set of evidence before us one filed by the Respondent, obtained under the RTI from the RBI, New Delhi in which he has been informed that the Appellant is not a NBFC and on the other hand, the Appellant has produced the certificate as Annexure A3 which is alleged to have been given to the Appellant during the proceeding before the Hon'ble Delhi High Court, therefore, in order to arrive at a just conclusion about the aforesaid fact as to whether the Appellant was NBFC at the time when the application was filed under Section 7, it would be just and expedient to seek the information from the RBI itself, therefore, the registry is directed to send copy of this order to RBI, New Delhi through its regional director, office at, 6, Sansad Marg, New Delhi, 110001. The Reserve Bank of India is also requested to provide a concreate information in this regard, by recruiting some concerned official, on the next date of hearing. Adjourned to 29th November, 2024." 5. In terms of the aforesaid order, a not....
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.... 7. Since, there was an issue as to whether the Appellant was the NBFC at the time when the application was filed under Section 7, therefore, an order was passed on 18.10.2024 to seek information from the RBI itself in this regard. The order dated 18.10.2024 is reproduced as under:- "In this appeal, the Appellant has alleged that it is a Nonbanking financial company (NBFC), therefore, the application filed under Section 7 is not maintainable against it. The Respondent produced the information derived under the Right to Information Act,2005 from the RBI, New Delhi according to which the Appellant is not registered as NBFC by the RBI and on the basis of which the appeal filed by the Appellant was dismissed. The Appellant has now filed the application for recalling of the order dated 25.01.2024 by way of I.A. No. 1090 of 2024 and has submitted that pursuant to a writ petition filed by the Appellant before the Hon'ble Delhi High Court, the Reserve Bank of India, has handed over the certificate of the registration as NBFC of the Appellant dated 11.02.2003. However, it transpired in the hearing dated 19.09.2024 as to whether the certificate appended by the Appellant as Annexur....
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....ata Subramanian Company Appeal (AT) (Insolvency) No.729 of 2020. 11. Counsel for Respondent as well as Counsel appearing for RBI have conceded the aforesaid facts and admitted that the appellant is a NBFC. 12. Thus, in view of the aforesaid facts and circumstances, the application is hereby allowed and the order dated 25.01.2024 is recalled, restoring the appeal no. 895 of 2023 to its original number alongwith interim order which was passed by this Tribunal on 18.07.2023 to the effect that impugned order shall remain stayed. 13. Since, we have disposed of the application, therefore, the RBI which is not a party in the appeal is hereby discharged. List this appeal for hearing on 11th December, 2024." 6. Today, during the course of hearing, Counsel for the Appellant has submitted that the order in the application under Section 7 was reserved on 13.06.2023. The Appellant filed an application after the order was reserved on 03.07.2023 for brining on record the certificate of NBFC issued by RBI, however, the Tribunal allowed the application under Section 7 on 05.07.2023 without taking into consideration the certificate issued by the RBI to the Appellant. 7. Be that as it may, the ....