JUDGMENT :

VIKRAM NATH, J.

1. Leave granted.

2. The appellant, a suspended Director of the Corporate Debtor¹ [In short “CD”] Manpasand Beverages Ltd. (respondent 2), has filed this appeal assailing the correctness of the order dated 13.04.2021 passed by the National Company Law Tribunal² [In short “NCLT”] Ahmedabad Bench at Ahmedabad in I.A. No. 196 of 2021 arising out of C.P. (I.B.) No. 503 of 2019 rejecting the application of the appellant under section 12A of Insolvency and Bankruptcy Code, 2016³ [In short “IBC”] for withdrawal of Corporate Insolvency Resolution Process.⁴ [In short “CIRP”].

3. CD is in the business of manufacturing and distribution of fruit beverages. It has approximately 700 employees and a turnover of Rs. 984.96 Crores in the Financial Year 2018-2019. The Operational Creditor⁵ [In short “OC”] Huhtamaki PPL Ltd. (respondent No. 1) used to supply packaging material to the CD.

4. The OCs filed a petition under section 9 of IBC before the NCLT, stating a total outstanding amount of Rs. 1,31,00,825/- against the CD. This was registered as CP (IB) No. 503 of 2019.

5. The NCLT by order dated 01.03.2021 passed an order admitting the petition and initiating CIRP. Two days th