The National Company Law Appellate Tribunal (NCLAT) has rejected Equitas Small Finance Bank's appeal to initiate insolvency proceedings against Jumbo Finvest. This decision upholds a prior order by the National Company Law Tribunal (NCLT) Jaipur Bench, which had ruled Jumbo Finvest, as a Financial Service Provider, is not a corporate person subject to such applications. Equitas argued that RBI's restrictions on Jumbo Finvest meant it was no longer a financial service provider, but NCLAT found its registration status, even if later cancelled, confirmed its nature as a financial service provider.