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TMI Blog2019 (11) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... with respect to the outstanding license fees and the service tax amounts. Hence, the Corporate Debtor cannot use the provisions of Section 3 of the Insolvency and Bankruptcy Code, 2016 as a blanket cover to claim exclusion from IBC Proceedings on the ground that it is a financial service provider. This Tribunal is inclined to admit this petition and initiate CIRP of the Corporate Debtor - Petition admitted. - (IB)-1885(ND)2019 - - - Dated:- 4-11-2019 - JUSTICE (RETD.) RAJESH DAYAL KHARE, HON'BLE MEMBER (J) AND SMT. SUMITA PURKAYASTHA, HON' BLE MEMBER (T) For the Petitioner : Mr. Krishnedu Datta, Mr. Pervinder, Mr. Deepak Agarwal, Mr. Rahul For the Respondent : Mr. Gurmeet Bindra ORDER Per Justice (Ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,78,462/- Rent Car Parkin Service Bill of 2007-08 91,158/- Rent Car Parking Service Bill of 2008-09 38,914/- Service Tax Amt of 2007-08 1,61,389/- Service Tax Amt of 20C8-09 2,46,216/- Service Tax Amt of 20C9-10 2,29,317/- Service Tax Amt of 2010-11 2,59671/- Total 27,67,203/- 5. The Operational Creditor issued the demand notice dated 05.04.2019 as required under Section 8 of the Code, demanding a total sum of Rs. The Corporate Debtor, vide reply da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruptcy Code, 2016. The provision of which are quoted below:- Section 3 (17): - financial service provider means a person engaged in the business of providing financial services in terms of authorization issued or registration granted by a financial sector regulator; Section 3 (18): - financial sector regulator means an authority or body constituted under any law for the time being in force to regulate services or transactions of financial sector and includes the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, the Pension Fund Regulatory Authority and such other regulatory authorities as may be notified by the Central Government; 8. Ld. Coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ght associated with a financial product or financial service; (f) establishing or operating an investment scheme; (g) maintaining or transferring records of ownership of a financial product; (h) underwriting the issuance or subscription of a financial product; or (i)selling, providing, or issuing stored value or payment instruments or providing payment services; 10. Further, Ld. Counsel for the Operational Creditor has argued that the Corporate Debtor has not provided any insurance cover or any financial assistance of any kind to the Operational Creditor and the defaulted dues are for the lease and the rentals and, therefore, qua the Operational Creditor, the Corporate Debtor is not a financial services provider as defined i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Further: (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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