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Nothing much really in the short term. Unless you have an accident and have to claim off your insurance, they may say it is invalidated. Also, when you tax your car, it is supposed to have a current NCT although they never ask for proof. And when you go to sell it, you will find it impossible to get what you consider its value.
your vehicle may be seized by the Gardaí and impounded. as welfarite stated above you may have an issue with your individual insurance company if you have no nct as some policies would include references to vehicle being roadworthy - they could deem a vehicle without an nct as not being so. why not just obey the law and get the nct?