NCLT Dismisses Insolvency Petition Against Karvy Stock Broking

Kapston Facilities Management Ltd Vs Karvy Stock Broking Limited (NCLT Hyderabad) Petition u/s 9 of IBC against Stock Brokers was not maintainable as same were Financial Service Provider Conclusion: Insolvency petition filed against Corporate Debtor by Kapston Facilities Management Ltd. (Operational Creditor) under section 9 of IBC was dismissed as coprporate debtor was a financial service provider against whom no Corporate Insolvency Resolution Process ( CIRP ) could be initiated. Held: Assessee-company (Corporate Debtor) was providing stock broking and research advisory services in India. Th...