JUDGEMENT

[Per: Shreesha Merla, Member (Technical)] 1. Aggrieved by the Impugned Order dated 18/07/2019, where by the Adjudicating Authority, National Company Law Tribunal, Chennai Bench has dismissed Section 7 Application namely, CP/946/IB/2018, filed by the Appellant, herein, seeking to initiate ‘CIRP’ against the Respondent Company, M/s Actioncor Consultants Pvt. Ltd. Preferred this Appeal under Section 61 of Comp. App. (AT) (Ins) No. 916/2019 Page 2 of 10 the ‘Insolvency and Bankruptcy Code, 2016’ (hereinafter referred to as ‘the code’).

2. The facts in brief are that the Respondent Company has been registered with ‘Board for Industrial and Financial Reconstruction’ (‘BIFR’) as a sick Industrial Company, vide Case No. 75 of 2006. While so, Mr. Coimbatore Krishnan Anantha Subramanian (hereinafter referred to as ‘Mr. Subramanian’), approached Mr. Khodadad Khushroo Moradian (hereinafter referred to as ‘Mr. KKM’) for loan of a sum of Rs.1,24,00,000/-, as it would be sufficient to pay off the debt of the Secured Creditors of the Company and consequently Mr.

Subramanian would initiate steps