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Financial service provider is out of purview of IBC; NCLAT rejects HDFC’s insolvency plea against RHC holding

July 11, 2019[2019] 107 200 (NCL-AT)

IBC: Where respondent, a non-banking financial institution is carrying on business of financial institution, and thereby being a financial service provider did not come within meaning of corporate person/corporate debtor and, thus, was out of purview of IBC, application under section 7 was not maintainable

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