THE NATIONAL COMPANY LAW TRIBUNAL ERRED BY GRANTING THE CIRP PETITION FILED UNDER SECTION 7 AGAINST THE NBFC GUARANTOR IN RESPECT OF THE CORPORATE DEBTOR: NCLAT
As financial institutions are expressly excluded from the definition of a corporate person in Section 3(7), the National Company Law Tribunal (NCLT) erred in allowing an application brought by a financial creditor under Section 7 against an NBFC that had served as guarantor in respect of a corporate debtor.
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