The National Company Law Tribunal (NCLT) Mumbai bench held that section 14 of the Insolvency & Bankruptcy Code, 2016 does not bar such classification as such classification is neither in nature of the institution of suits or continuation of pending suits or proceedings against the corporate debtor or an action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property.
The present Interlocutory Application has been filed by the Rolta India Ltd, the Applicant/Resolution Professional of the Corporate Debtor seeking directions against the Respondent Bank, UBI to set aside the Letter dt. 25.03.2025, issued by the Respondent Bank in respect of classifying the …