JUDGMENT

ASHOK BHUSHAN, J.

This Appeal has been filed challenging the order dated 24.04.2024 passed by National Company Law Tribunal, Mumbai Bench, Court-IV in IA No. 5769(MB)2023 in C.P.(IB)921(MB) 2022. By the impugned order IA No.5769 of 2023 filed by the Appellant has been rejected by the Adjudicating Authority. Aggrieved by which order, this Appeal has been filed.

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

(i) Maharashtra Industrial Development Corporation (referred to as the “MIDC”) executed a Lease Deed on 08.09.1998 with respect to Plot No.B – 15/2 in Waluj Industrial Area situated outside the limits of Aurangabad Municipal Corporation admeasuring 64,925 sq. mts. for a period of 95 years with effect from 01.07.1987 in favour of Appellant No.2 (Formerly known as Wockhardt Life Sciences Limited). The Lease Deed was registered on 08.10.1998.

(ii) A Business Transfer Agreement was executed on 06.03.2002 between Wockhardt Life Sciences Limited and Baxter (India) Pvt. Ltd. for transfer of the business. On 17.07.2002, a Deed of Assignment was executed by Wockhardt Life Sciences Ltd. in favour of Baxter (India) Pvt. Ltd. (“Baxter”) assigning plot of