https://www.taxtmi.com/caselaws?id=215000 Jurisdiction to entertain a recovery application is assessed at the date of institution, and a later surrender of a banking licence does not divest a tribunal of jurisdiction already validly assumed. Where the applicant had an accrued recovery claim when proceedings began, subsequent loss of banking status does not extinguish the substantive right to recover or justify denial of relief on equitable grounds. Subsequent events may be noticed for substantial justice, but they do not defeat an existing enforceable claim in these circumstances. en-us Wed, 23 Mar 2011 00:00:00 +0530 Tue, 05 Jun 2012 07:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215000 Jurisdiction to entertain a recovery application is assessed at the date of institution, and a later surrender of a banking licence does not divest a tribunal of jurisdiction already validly assumed. Where the applicant had an accrued recovery claim when proceedings began, subsequent loss of banking status does not extinguish the substantive right to recover or justify denial of relief on equitable grounds. Subsequent events may be noticed for substantial justice, but they do not defeat an existing enforceable claim in these circumstances. Case-Laws Companies Law Wed, 23 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215000