Non-Obtaining Of NOC From Applicant Does Not Invalidate Documents of Hypothecation & Mortgage Executed In Favour of Bank of Baroda: NCLT [Read Order]

It was concluded that classification of the claims of the respondents was valid and proper as no document based on which they claimed the status were declared void
NCLT-National-Company-Law-Tribunal-NCLT-mumbai-NOC-Non-Objection-Certificate-Invalidate-Documents-Hypothecation-TAXSCAN

The Mumbai Bench of the National Company Law Tribunal(NCLT) held that non-obtaining of Non Objection Certificate(NOC) from the Applicant does not invalidate the security documents of hypothecation and mortgage executed in favour of Bank of Baroda. Bank of Baroda , the applicant an application under section 60(5) of the Insolvency and Bankruptcy Code (IBC) was…

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