Home Business Law Search of insolvency in opposition to RHC Holding
Business Law - July 10, 2019

Search of insolvency in opposition to RHC Holding

The National Company Law Appellate Tribunal (NCLAT) Wednesday dismissed a petition through HDFC to provoke insolvency court cases in opposition to RHC Holding, an entity promoted with the aid of billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh.

A two-member bench headed via Chairman Justice S J Mukhopadhaya upheld the order of the major bench of the National Company Law Tribunal (NCLT) which had rejected HDFC’s plea.

The appellate tribunal stated it determined “no merits” in HDFC’s petition and stated that non-bank monetary lenders come underneath the purview of the Reserve Bank of India (RBI) and need to are trying to find treatments from the significant bank, no longer the financial disaster court.

Passing an order on December 6, 2018, the NCLT had determined that RHC Holding became a non-banking financial enterprise and does no longer come beneath the purview of the Insolvency and Bankruptcy Code (IBC).

HDFC had then approached the appellate tribunal to mission the NCLT’s ruling.

The loan lender had moved the NCLT to recover an amount of Rs 41 crore.

RHC Holding, promoted by means of the Singh brothers, had taken a loan of Rs 200 crore from HDFC in April 2016. RHC Holding had paid the interest for the primary sector on time but later commenced defaulting on its dues.

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