IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH Item No 202 IA/369(MP)2023 in CP(IB)/74(MP)2022 Order under Section 60(5) r.w. Rule 11 IN THE MATTER OF:

Bank of India …….Applicant Vs.

Anurodh Mittal ……. Respondent CORAM:

SHRI. BRAJENDRA MANI TRIPATHI, HON’BLE MEMBER (JUDICIAL)

SHRI. MAN MOHAN GUPTA, HON’BLE MEMBER (TECHNICAL)

PRONOUNCEMENT OF ORDER Delivered on 25/02/2026 The case is fixed for pronouncement of the order. The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER(JUDICIAL)

Chandni-LRA IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH IA/369(MP)2023 in CP(IB)/74(MP)2022 (This application has been filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016)

IA/369(MP)2024 IN THE MATTER OF:

Bank of India Having its branch office at: ...Applicant / Shanwara Road, Burhanpur M.P.) – 450331 Financial Creditor Vs.

Anurodh Mittal ...Respondent

295/2, Gram Amagird, Amalganj Ganpati Naka, Buranpur, (MP) 453001 CORAM:

SHRI. BRAJENDRA MANI TRIPATHI, HON’BLE MEMBER (JUDICIAL)

SHRI. MAN MOHAN GUPTA, HON’BLE MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant: Advocate Darshana Baghel For the Respondent: Advocate Akshat Agarwal

ORDER

Delivered on: 25.02.2026

1. The Present Interlocutory application has been filed by Applicant/Financial Creditor - Bank of India with a prayer to file a First Information Report with the Law Enforcement Agency against the directors, promoters and guarantors of the Corporate Debtor, Shree Geeta Textile Mills Pvt. Ltd., whose loan account has been classified as fraud in accordance with the RBI Master Circular on Fraud Classification and Reporting by Commercial Banks and Select FIs, 2016.

2. The brief facts are that the Corporate Debtor, Shree Geeta Textile Mills Pvt. Ltd., had availed various credit facilities from a consortium consisting of Bank of India as Lead Bank and Bank of Baroda as member bank. The total sanctioned limits aggregated to ₹56.96 crores along with a Bank Guarantee limit of ₹1.75 crores on 25.05.2015. The Applicant Bank holds 85.59% of the total consortium exposure. Due to defaults in repayment, the account was classified as NPA on 31.03.2019. A notice under Section 13(2) of the SARFAESI Act was issued by the Applicant on 09.04.2019, and thereafter on 11.09.2020 which was issued jointly by Bank of India and Bank of Baroda for the outstanding dues.

Pleadings of Applicant:

1) The Applicant submits that as required under the applicable directions of the RBI Master Circular on Fraud Classification and Reporting, the borrowing account of the Corporate Debtor (A/c Nos. 950665410000003 and 950630110000185) was subjected to a forensic audit which was duly conducted by appointed Forensic Auditor. On 22.06.2023, the Applicant forwarded a copy of the Forensic Audit Report to the Corporate Debtor and its directors/promoters, calling upon them to furnish their comments within seven days. After considering the said reply, the Forensic Auditor furnished its final remarks on 31.07.2023.

2) Thereafter, the Applicant Bank, vide letter dated 07.10.2023, informed the Corporate Debtor that the competent authority, namely the Fraud Monitoring Group (Head Office), in its meeting held on 16.09.2023, had decided to classify the said borrowing account as “Fraud.”

3) Pursuant to the said classification, the Corporate Debtor and its directors/promoters approached the Hon’ble High Court of Madhya Pradesh, Jabalpur in WP No. 26872/2023, wherein the court has held:

However, a reading of provisions contained in Section 96 (1)(b)(i), I am of the opinion that for the present, without leave of the NCLT, bank is not authorized to carry those proceedings. Hence, it is directed that without the leave of NCLT, no proceedings shall be initiated.

4) It is further submitted by the applicant that the Present Application further relies upon the object and purpose of the RBI Master Circular on Fraud Classification, namely:

(i)