https://www.taxtmi.com/caselaws?id=431775 The tribunal held that the Adjudicating Authority lacked jurisdiction to initiate insolvency proceedings against a corporate guarantor who was a financial service provider registered by the RBI. The application under Section 7 of the Insolvency and Bankruptcy Code was deemed not maintainable as the guarantor did not fall under the definition of a banking institution. Emphasizing the importance of jurisdiction in legal proceedings, the tribunal set aside the order and advised the respondent to pursue proceedings in compliance with the law. The judgment underscores the necessity of proper authorization for financial service providers and the invalidity of proceedings initiated without jurisdiction. 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 The tribunal held that the Adjudicating Authority lacked jurisdiction to initiate insolvency proceedings against a corporate guarantor who was a financial service provider registered by the RBI. The application under Section 7 of the Insolvency and Bankruptcy Code was deemed not maintainable as the guarantor did not fall under the definition of a banking institution. Emphasizing the importance of jurisdiction in legal proceedings, the tribunal set aside the order and advised the respondent to pursue proceedings in compliance with the law. The judgment underscores the necessity of proper authorization for financial service providers and the invalidity of proceedings initiated without jurisdiction. Case-Laws Insolvency and Bankruptcy Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431775