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TMI Blog2025 (3) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent is maintainable against the present appellant in case the Appellant is a NBFC?
Conclusion - The initial dismissal of the appeal set aside and the case remanded to the NCLT for a determination of whether the appellant, as a registered NBFC, was engaged in providing financial services, thus affecting the applicability of Section 7 proceedings.
Appeal allowed by way of remand. X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.2023 to file the Registration Certificate issued by the RBI. No such certificate has been filed rather an Order of the Hon'ble Delhi High Court dated 08.01.2024 has been produced which is purported to have been passed in Writ Petition No. 298/2024. Counsel for the Appellant has submitted that he has applied to RBI for Registration Certificate through email. On the other hand, Counsel for the HDFC has submitted that the name of the present Appellant is not in the list of NBFC maintained by the RBI. Counsel for the HDFC is directed to file an Affidavit to this effect that name of the Appellant was not there when the Order of Admission was passed. Adjourned to 25th January, 2024". 5. Apropos the aforesaid order, affidavit dated 22.01.2024 has been filed by Mr. Ankush Saini, S/o Mr. S.S. Saini, Assistant Vice President, HDFC Bank Ltd. in which he has averred that the deponent has sought the information under the Right to Information Act, 2005 ('the Act') with a particular query which read as under: "Was the Company by the name of Madhuvan Tie up Pvt. Ltd. (CIN No. U51909DL1996PTC264255), registered as NonBanking Financial Company (NBFC) with the RBI on 11.02.2003? The RB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Annexure A3 was ever cancelled by the RBI? Counsel for the Appellant has filed an affidavit dated 14.10.2024 of the appellant in which he has averred that the certificate of NBFC as Annexure A3 has 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded that RBI has given information under the Right to Information Act, 2005 to the effect that:- "Was the Company by the name of Madhuvan Tie up Pvt. Ltd. (CIN No. U51909DL1996PTC264255), registered as NonBanking Financial Company (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." 5. The Respondent had also attached a list of almost thousand pages in which the name of the Appellant as NBFC was conspicuously absent. As a result thereof, the appeal was dismissed. 6. In the present application, the appellant/applicant has averred that the certificate of registration as NBFC by the RBI was delivered pursuant to the order passed by the Hon'ble High Court of Delhi in Writ Petition No. 298 of 2024. 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 info ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abu has appeared alongwith the officials of the RBI. Mr. Ramesh Babu has submitted that after the order dated 25.01.2024 was passed, the person who had sought the information, namely, Bhim Sain Jain was duly informed that the RBI had issued the certificate to the Appellant in terms of Section 45-1A of RBI Act, 1934. The Text of the said order is also reproduced as under : - 9. The Appellant has also attached with the application list of NBFC registered with the RBI as on 30.06.2024 dated 10.10.2024 in which the Appellant has been recorded as registered NBFC as serial no. 4697. The said entry is also reproduced as under:- 10. Counsel for the Appellant has also submitted that since it is an error apparent on the face of record which has been caused due to wrong information supplied by Respondent on the basis of information received from the RBI, therefore, the order can be recalled in terms of the order passed by this Court in Union Bank of India Vs. Mr Dinkar T. Venkata 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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