JUDGEMENT

ASHOK BHUSHAN, J. This Appeal has been filed against the order dated 08.11.2023 passed by National Company Law Tribunal, Mumbai Bench-1, by which CP(IBPP) No.02 of 2023, the Application filed by the Appellant under Section 54C of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC”) read with Rule 4 of the Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021 has been rejected. The Appellant aggrieved by the order rejecting the Application has come up in this Appeal.

2. Brief facts necessary to be noticed for deciding the Appeal are:

(i) The Appellant, a registered MSME, in its Board Meeting dated 09.08.2021 approved filing of an Application for initiation of Pre-Packaged Insolvency Resolution Process as required under Section 54A. Extra Ordinary General Meeting was held on 17.09.2021 for filing an application for initiating Pre-Packaged Insolvency Resolution Process. Written consent was obtained from Insolvency Professionals in Form P1. The Financial Creditor also approved the proposal.

(ii) On 21.08.2023, a Report was also filed by Insolvency Professional. On 12.09.2023, Corporate Debtor filed its B