https://www.taxtmi.com/highlights?id=67252 Initiation of CIRP - Jurisiction of NCLT to admit the application u/s 7 - Registration of the applicant, non-banking financial institution (NBFC), was cancelled during the pendency of the proceedings - Financial Creditors or not - The finding of a Court or Tribunal becomes irrelevant and unenforceable/ inexecutable once the forum is found to have no jurisdiction. Similarly, if a Court/Tribunal inherently lacks jurisdiction, acquiescence of party equally should not be permitted to perpetuate and perpetrate, defeating the legislative animation. The Court cannot derive jurisdiction apart from the Statute. - AT en-us Wed, 21 Dec 2022 15:38:53 +0530 Wed, 21 Dec 2022 15:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67252 Initiation of CIRP - Jurisiction of NCLT to admit the application u/s 7 - Registration of the applicant, non-banking financial institution (NBFC), was cancelled during the pendency of the proceedings - Financial Creditors or not - The finding of a Court or Tribunal becomes irrelevant and unenforceable/ inexecutable once the forum is found to have no jurisdiction. Similarly, if a Court/Tribunal inherently lacks jurisdiction, acquiescence of party equally should not be permitted to perpetuate and perpetrate, defeating the legislative animation. The Court cannot derive jurisdiction apart from the Statute. - AT Highlights Insolvency and Bankruptcy Wed, 21 Dec 2022 15:38:53 +0530 https://www.taxtmi.com/highlights?id=67252