In a recent decision, the National Company Law Appellate Law Tribunal (NCLAT) has held that NCLT does not have the power to suo-moto classify a transaction as a Preferential Transaction in Section 44 of the Insolvency and Bankruptcy Code, 2016. A Division Bench of Justices M. Venugopal [Member Judicial] and Dr. Ashok Kumar Mishra [Member Technical] allowed the appeal challenging the order of...