TaxTMI 
TaxTMI 
2025 (8) TMI 1479
X X X X Extracts X X X X
X X X X Extracts X X X X
....by the appellant herein was dismissed as under: "Heard the submissions made by the Learned Counsel for the Section 7 applicant. From the papers placed before us, it transpires that SBI has floated an NBFC for dealing with/conducting factoring business activities under the Factoring Regulation Act, 2011. Section 6 of the said Act empowered RBI to give directions to factors. RBI has directed that subsidiaries and JVs of banks, including the existing ones would be regulated as NBFC-Factors vide Circular DNBS(PD)CC No. 297/Factor/22.10.91/2012-13 dated July 23,2012. Thereafter, Reserve Bank of India vide its circular dated 30.07.2015 titled "Provision of Factoring Services by Banks- Review" in Para 6 of the said circular stipulated the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y amount to them by the applicant for 'time value of money'. This Adjudicating Authority is, therefore of the considered view that the instant application under Section 7 is not maintainable within the framework of Insolvency & Bankruptcy Code, 2016. In view of the above, we are not able to entertain this present application filed by SBI Global Factors Limited and the same stands dismissed." 2. It is the submission of Learned Counsel for the appellant para 6 of the Circular dated 23.07.2012 of the RBI was wrongly relied upon by the Ld. NCLT since it only relates to the credit limit(s). 3. Further impugned order says since the factoring agreement between the applicant and the assignor viz M/s PSR Metals Private Limited was 'ON ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eople's Republic of China, the Russian Federation, the United Kingdom and United States of America; 9.1.5 (except where the Credit Protection Facility is indicated as applicable in paragraph 9 of the Schedule, in which case clause 9.3 shall apply) each Approved Receivable (not being a Receivable included in clauses 9.1.1, 9.1.2, 9.1.3 or 9.1.4) which remains unpaid in whole or in part after it has become due for payment by the Debtor; 9.1.6 each Receivable in respect of which the Client is unable to perfect title; all of which shall forthwith and automatically be deemed Unapproved Receivables whereupon SBIGFL shall be entitled to adjust the Supplier Account (and any other relevant account) to reflect the change. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pondent has been assigned by M/s PSR Metals Private Limited to the appellant herein. The reference is also made to demand notice dated 11.06.2021 issued by the appellant to the Respondent herein and payment schedule given by the Respondent thereby acknowledging the debt qua the appellant, as given at page 148 of the Appeal Paper Book, as under : 5. The Learned Counsel for the appellant also referred to various postdated cheques issued by the Respondent in favor of the appellant herein and thus submit the appellant had a cause for filing petition under Section 7 of the IBC, 2016. 6. Since the impugned order does not discuss/interpret clause 9 of the agreement dated 09.05.2019 and its effect as also the Assignment Deed dated 07.01.2020 ....