[Per: Barun Mitra, Member (Technical)]

• The present appeal filed under Section 61 of Insolvency and Bankruptcy Code, 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 16.04.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV) in Company Petition (IB) No. 05/MB-IV/2020. By the impugned order, the Adjudicating Authority has admitted the petition under Section 7 of the IBC and allowed the initiation of Corporate Insolvency Resolution Process (“CIRP”

• in short) of the Corporate Debtor in its capacity as Corporate Guarantor.

• Aggrieved by this impugned order, the present appeal has been preferred by the suspended Director of the Corporate Debtor.

2. The salient facts of this case which are relevant to be noticed to decide this matter are as below:

•  The Respondent No. 1/Financial Creditor - Yes Bank had filed Section 7 application on 13.12.2019 for initiation of CIRP of Appellant/Corporate Debtor - Tulip Hotels in respect of their debt liability as Corporate Guarantor for loan purportedly disbursed by the Financial Creditor to Cox & Kings Ltd. (hereinafter referred