Asharam Leasing and Finance Pvt. Ltd. Vs. Punjab National Bank – NCLT Kolkata Bench
This Company Petition has been filed by Punjab National Bank (Financial Creditor) against Asharam Leasing and Finance Private Limited (Corporate Debtor), under section 7 of the Code for initiation of CIRP against the Corporate Debtor. During the course of hearing on 08.02.2021, it was revealed that the corporate debtor is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). NCLT observed that the petition in that case cannot be maintained. A section 7 petition may be initiated against any corporate debtor who is a corporate person within the meaning of section 3(7) of the Code. The Corporate Debtor herein is not covered within the definition of section 3(7) of the Code, since it is a NBFC.
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