JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA

This appeal has been preferred by appellants against order dated 23rd January 2017 passed by 'Adjudicating Authority (National Company Law Tribunal), Principal bench, New Delhi whereby and whereunder the 'Adjudicating Authority' held that appellants are not 'Financial Creditor' as defined under section 5(7) of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as 'I & B Code). The adjudicatory authority further held that as many winding up petitions are pending before the Hon'ble Delhi High Court against the 'Corporate Debtor' and Financial Liquidator has been appointed, the application preferred by appellants for triggering insolvency process by invoking Section 7 of the 'I & B Code read with Rule-4 and Rule-9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rules 2016 (hereinafter referred to as 'Adjudicating Authority' Rules 2016) is not maintainable.

2. The case of the appellants and the submission as made by learned counsel for the appellants are as follows : -

The appellants reached different agre