The National Company Law Tribunal (NCLT) Thursday dismissed the plea of HDFC Ltd to initiate insolvency proceedings against RHC Holding, a non-banking financial company promoted by Singh Brothers — Malvinder Mohan Singh and Shivinder Mohan Singh. A two-member principal bench headed by NCLT President Justice M M Kumar dismissed the plea of HDFC Ltd, which had moved the tribunal to recover Rs 41 crore.
RHC Holding had contended in this matter that it is a non-banking finance company and thus it could not be brought under IBC code.
Earlier in this matter, Japanese drug major Daiichi Sankyo had moved NCLT to stay the insolvency proceedings against RHC Holding.
Daiichi Sankyo had said they have a decree to recover money against RHC Holdin…
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