NCLT's Jurisdiction Questioned on Pre-CIRP Closure Notice; Supreme Court Highlights Limited NCLAT Authority.

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....Jurisdiction of the Adjudicating Authority (NCLT) to adjudicate upon a closure notice issued prior to the initiation of the Corporate Insolvency Resolution Process (CIRP). The key points are: The Adjudicating Authority did not determine its jurisdiction to pronounce on the closure notice dated 31.07.2017, issued before CIRP initiation. After CIRP initiation, all claims must be filed and examined within the CIRP/Liquidation Process. The High Court and Supreme Court orders granted liberty to raise claims and contentions before NCLT but did not adjudicate on NCLT's jurisdiction over the pre-CIRP closure notice. The Supreme Court's judgment in Embassy Property case clarified NCLAT's limited jurisdiction u/s 60(5). The closure notice, issued und.........