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Chapter 4 - Structure of the IBC
Why are Non-Banking Finance Companies excluded from the general applicability of the IBC?
Because the definition of 'Corporate Person' in Section 3(7) excludes any financial service provider, making the Code's provisions inapplicable to NBFCs, Banks, Financial Institutions, Housing Finance Companies, and other Financial Service Providers.
Which section of the IBC excludes financial service providers from the definition of 'Corporate Person'?
Section 3(7) excludes financial service providers from Corporate Person definition.
Which section of the IBC defines 'Corporate Person' and what does it include?
Section 3(7) defines 'Corporate Person' to include a company, a Limited Liability Partnership, or any other person incorporated with limited liability, but explicitly excludes financial service providers.
Which Part of the IBC deals with insolvency resolution and liquidation for corporate persons?
Part II of the IBC deals with corporate insolvency resolution and liquidation.
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