https://www.taxtmi.com/caselaws?id=431775 A Section 7 insolvency application could not be maintained against a corporate guarantor that was, at the time of filing, registered as a financial service provider and therefore outside the definition of a corporate person. The RBI registration showed the entity fell outside the statutory class amenable to CIRP, and later cancellation of that registration did not cure the original defect. Because the proceeding was initiated against an entity beyond the Adjudicating Authority's jurisdiction, the insolvency commencement order was void and non est. The appeal succeeded, the insolvency order was set aside, and the respondent was left free to proceed in accordance with law. en-us Mon, 19 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431775 A Section 7 insolvency application could not be maintained against a corporate guarantor that was, at the time of filing, registered as a financial service provider and therefore outside the definition of a corporate person. The RBI registration showed the entity fell outside the statutory class amenable to CIRP, and later cancellation of that registration did not cure the original defect. Because the proceeding was initiated against an entity beyond the Adjudicating Authority's jurisdiction, the insolvency commencement order was void and non est. The appeal succeeded, the insolvency order was set aside, and the respondent was left free to proceed in accordance with law. Case-Laws Insolvency and Bankruptcy Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431775