JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

Dr. Vishnu Kumar Agarwal, Shareholder, has preferred these appeals against the two different orders of initiation of ‘Corporate Insolvency Resolution Process’ against the two ‘Corporate Guarantors’. As common questions of law are involved and are based on same set of facts, they were heard together and disposed of by this common judgment.

2. A ‘Deed of Agreement’ was entered into by ‘All India Society for Advance Education and Research’ (hereinafter referred to as “Principal Borrower”) with ‘M/s. Piramal Enterprises Ltd.’ (hereinafter referred to as “Financial Creditor”) for grant of Rs. 38,00,00,000/-(Rupees Thirty-Eight Crores Only) which was guaranteed by two ‘Corporate Guarantors’ namely— ‘Sunrise Naturopathy and Resorts Pvt. Ltd.’-(“Corporate Guarantor No.1” for short) and ‘Sunsystem Institute of Information Technology Pvt. Ltd.’-(“Corporate Guarantor No.2” for short). The loan amount was disbursed in two tranches by the ‘Financial Creditor’ to the ‘Principal Borrower’ which is as follows :