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TMI Blog2018 (12) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... y M/ s RHC Holding Pvt. Ltd. claimed as the corporate debtor. 2. The Respondent Company M/S RHC Holding Pvt. Ltd. ( CIN No. U 67190 DL 2007 mc 162322 ) against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 19.04.2007 having its registered office at Prius Platinum, Ground Floor, D3, District Centre, Saket, Delhi - 110017. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code. 3. It is appropriate to mention that the applicant M/S Housing Development Finance Corporate Limited (hereinafter referred as HDFC), a company incorporated under the Companies Act, 1956 and having its Registered Office at Ramon House, HT Parekh Marg, 169 Backbay Reclamation, Churchgate, Mumbai - 400 020. 4. Mr. Sachin Kapoor, working as Assistant General Manager in the applicant company and duly authorized has preferred the present application on behalf of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he petition be admitted and Corporate Insolvency Resolution Process to be forthwith cbmmenced qua the respondent Corporate Debtor. 10. The applicant HDFC Limited has placed on record voluminous and overwhelming evidence in support of its claim as well as to prove the default committed by the respondent company. The material on record goes to show that respondent company committed default in repayment of the loan an-mount even after demand made by the applicant bank. In the background it is argued that once there is existence of default and the application is complete and that no disciplinary proceeding is pending against the proposed resolution professional, the present application should be admitted. It is contended that the adjudicating authority is not required to look into any other criteria for admission of the present application. 11. It is pertinent to mention here that following three applications were filed in the present matter: i. C.A. 888 (PB) /2018 ii. C.A. 889 (PB)/ 2018 iii. C.A. 1123 (PB)/2018 12. C.A. 889 (PB)/2018 has been filed by M/S Daiichi Sankyo Company Limited as an Intervener objecting the admission of the present application, 1B 738(PB)/2018. In C.A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (emphasis given) 17. A bare perusal of the aforesaid certificate issued by the Reserve Bank of India clearly shows that the respondent company has been registered as a non-banking financial company with the prohibition from accepting public deposits. 18. The term 'Corporate Debtor' has been defined under Section 3 (8) of the Code as follows: "(8) "corporate debtor" means a corporate person who owes a debt to any person. " 19. The 'Corporate Debtor' is the one against whom a creditor can proceed for resolution of Insolvency and thereafter for Liquidation, if the resolution does not fructify. The Code further provides that the Corporate Debtor itself is also entitled to begin the process of Insolvency Resolution. Precisely a corporate person owing a debt to any person is a corporate debtor. 20. The term 'Corporate person' has been defined under Section 3(7) of the Code as follows: (7) "Corporate person" means a company as defined in clause (20) of Section 2 of the Companies Act, 2013, a limited liability partnership, as defined in clause (n) of sub-section (1) of Section 2 of the Limited Liability Partnership Act, 2008, or any other person inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsultation with the appropriate financial sector regulators, notify financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings which may be conducted under this Code, in such manner as may be prescribed. However, no such notification has been issued by the Central Government under the provisions of Section 227 of the Code. 25. Hon 'ble NCLAT in the matter of Randhiraj Thakur vs. Jindal Saxena Financial Services and Anr., in Company Appeal No. (AT) Insolvency 32 & 50 of 2018 has held that: " 10. If the entire scheme of the I&B Code is seen, it will be evident that the Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of 'corporate persons', 'partnership firms' and 'individual' in a time bound manner. It is a selfcontained Code which is exhaustive in nature when it comes to reorganisation and insolvency resolution. However, an exception had been carved out while enacting the Code that the 'financial service providers' have been kept outside the purview of the Code. Being a consolidating legislation only those acts are permi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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