ORDER :

1. The National Company Law Tribunal, [“NCLT”] by its judgment dated 16 September 2020, rejected the application dated 19 September 2018 [TP No 82/2019 in CP (IB) No 500/7/NCLT/AHM/2018] filed by the State Bank of India, the appellant, under Section 7 of the Insolvency and Bankruptcy Code 2016 [“IBC”] against the respondent, the alleged Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process [“CIRP”].

2. The respondent received credit facilities from the appellant commencing from 30 November 2006. According to the appellant, as on 24 June 2013, the outstanding under the credit facilities extended to the respondent totaled to Rs 102.4 crores. In lieu of these credit facilities, the respondent (along with other persons) provided securities in favor of the appellant. The respondent allegedly failed to honor the terms of these credit facilities and defaulted on their repayments. Hence, the respondent’s account with the appellant was classified as a Non-Performing Asset [“NPA”] on 10 June 2014.

3. Thereafter, at various junctures, the appellant aimed to seek recourse to Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interes