ASHOK BHUSHAN, J.

This Appeal has been filed against order dated 24.02.2023 passed by

the Adjudicating Authority (National Company Law Tribunal), Mumbai

Bench-IV by which order Section 7 application filed by the Respondent No.1

– Financial Creditor has been admitted. The Appellant, Suspended Director

of the Corporate Debtor aggrieved by the admission has come up in this

Appeal. Brief facts of the case necessary to be noticed for deciding this Appeal

are:

i.

A consortium of Bank extended various financial facility to the

Corporate Debtor in the year 2002.

ii.

The account of Corporate Debtor was declared NPA by Bank of

India on 31.03.2015.

iii.

On 16.09.2016, Bank of India issued Recall Notice to the

Appellant recalling monies payable by the Corporate Debtor

under the various credit facilities.

iv.

On 22.11.2018, Bank assigned the debt along with all underlying

security interest under the Deed of Assignment to the Respondent

No.1.

v.

Letter of acceptance was issued on 24.04.2019 and an agreement

was entered under which the Corporate Debtor was to repay the

amounts payable to the Financial Creditor.

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vi.

On 01.11.2021, Section 7 application was filed by the

Respondent No.1.