The National Company Law Tribunal (NCLT) on Thursday dismissed HDFC's plea to initiate insolvency proceedings against RHC Holding, a Non-Banking Financial Company (NBFC) promoted by brothers Malvinder Singh and Shivinder Singh. HDFC moved the tribunal to recover ₹41 crore. RHC Holding had, however, contended that it is an NBFC and thus couldn't be brought under Insolvency and Bankruptcy Code.