JUDGMENT

M.R. Shah, J.

1. Feeling aggrieved and dissatisfied with the impugned judgment and order dated 24.08.2020 passed by the National Company Law Appellate Tribunal (NCLT) passed in Company Appeal (AT) (Insolvency) No.703 of 2020 by which the NCLAT has dismissed the said appeal and has confirmed the order passed by the NCLAT passed in IA No.62/2020 in CP (IB) 42/Chd./Hry.2017 preferred by the appellant herein, the original applicant has preferred the present appeal.

2. The facts leading to the present appeal in a nutshell are as under:

2.1 That one Amtek Auto Limited (hereinafter referred to as Corporate Debtor) approached appellant nos. 2 and 3 to extend a short-term loan facility of INR 500 crores to its group companies i.e. Brassco Engineers Ltd. and WLD Investments Pvt. Ltd. for the ultimate end use of the Corporate Debtor. According to the appellants it was an understanding that the Corporate Debtor will create a first ranking exclusive security by way of pledge over 16,82,06,100 equity shares of face value of Rs.2/- each of JMT Auto Ltd. held by the Corporate Debtor (Pledged Shares). A Security Trustee Agreement was executed between the appellant no.1 and WLD for an amount of