NCLAT upholds the decision of NCLT New Delhi Bench, that against a Financial Service Provider application under Section 7 of IBC is not maintainable Globe Capital Market Ltd. Vs. Narayan Securities Ltd. – NCLAT New Delhi
Hon’ble NCLAT holds that when the Respondent is a Financial Service Provider, application under Section 7 is not maintainable since he is not included in the definition of corporate person as defined in Section 3(7) of the Code. The Adjudicating Authority has not committed any error in rejecting the application as not maintainable.