JUDGMENT :

Vikram Nath, J.

This appeal, under Section 62 of the Insolvency and Bankruptcy Code, 2016,¹[In short, “IBC”] has been filed assailing the correctness of judgment and order of National Company Law Appellate Tribunal,²[NCLAT] dated 04.01.2022, whereby the Company Appeal (AT) (Insolvency) No.930 of 2021 filed by the appellant was dismissed upholding the judgment and order dated 22.09.2021, passed by the Adjudicating Authority, admitting the application under Section 7 of the IBC after condoning the delay.

2. Relevant facts giving rise to the present appeal are briefly summarized as under :

2.1. The appellant entered into a leave and license agreement with Universal Premises and Textiles Private Limited,³[The Universal Premises] for the premises being Ground to 10th floor in the building named Solaris “C”. A security deposit of Rs.87,56,24,381/- was furnished by the appellant between the period 23.06.2007 to 03.11.2008. Universal Premises executed a simple mortgage without possession in favour of the appellant for seven floors on 06.11.2008.

2.2. On 02.05.2011, Universal Premises executed a sale deed in favour of Rajput Retail Ltd.,⁴[RRL]. The sale deed was for the land admeasu