2026 (2) TMI 190

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....an order dated 25.09.2025 by which order Adjudicating Authority has admitted Section 7 application filed by the Respondent (Financial Creditor) herein. An application under Section 7 was filed by the Financial Creditor on 21.12.2019. Notices were issued in proceedings; the Corporate Debtor appeared and filed its reply. Parties were heard and the Adjudicating Authority by the impugned order admitted Section 7 application. Adjudicating Authority in the impugned order has noted the settlement agreement dated 27.01.2021 which was entered between the Financial Creditor and the Corporate Debtor where Corporate Debtor undertook to pay an amount of Rs. 5,53,50,000/- in full and final settlement. The part-IV of the Application filed under Section 7 ....

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....lenging the order dated 25.09.2025 this Appeal has been filed. When the Appeal was heard, this Tribunal passed following order on 14.10.2025: "14.10.2025: Counsel for the appellant submits that the corporate debtor was a Financial Service Provider at the time to disbursement of financial facilities. It is submitted that against the Financial Service Provider the Section 67 was not maintainable. He has also relied on the judgment of this Tribunal in "CA (AT) (Ins) No. 895 of 2023 titled as Akhilesh Kumar Vs HDFC Bank Limited And Anr." decided on 06.03.2025. Ld. Counsel for the RP submits that publication has already been made. 2. Issue Notice. 3. Let Reply be filed within two weeks. Rejoinder, if any, may file within a week, thereaf....

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....he NBFC shall not be covered by the exclusion in the definition of Section 3(7) of the IBC, 2016. 4. We have considered the submissions of Ld. Counsel for the parties and perused the record. 5. In the reply which has been filed by the Respondent in this Appeal, in Annexure R-1, the letter dated 13.11.2018 of the RBI has been brought on record where RBI has cancelled the certification of registration of 32 NBFC's and in the said list the Corporate Debtor has been reflected at item No. 23 whose registration has been cancelled w.e.f. 18.09.2018. 6. Section 3(7) of the IBC, 2016 provides, which is as follows: "corporate person" means a company as defined in clause (20) of section 2 of the Companies Act, 2013, a limited liabili....

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.... in Akhilesh Kumar Vs. HDFC Bank' CA (AT) (Ins.) No. 895 of 2023, relied by the Appellant, in the said case, Section 7 application was filed by the HDFC Bank against the Corporate Debtor. An application was filed by the Corporate Debtor before the Adjudicating Authority bringing on record the certificate and other relevant document to prove that Corporate Debtor is a Financial Service Provider, which was dismissed by the Adjudicating Authority as infructuous and admitted Section 7 application. In the said background, this Tribunal took the view that the matter need to be remanded before the Adjudicating Authority for fresh consideration. In para 9 of the Judgment, this Tribunal made following observations: As a matter of fact, the ....