JUDGMENT

ASHOK BHUSHAN, J.

This Appeal by a Suspended Director of the Corporate Debtor – Ushdev Enfitech Limited has been filed challenging the order dated 26.04.2023 Cont’d…/ passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-V admitting Section 7 application filed by ICICI Bank Ltd. (Respondent herein). Appellant aggrieved by the impugned order has filed this appeal. Brief facts of the case necessary to be noticed for deciding this appeal are:

(i) ICICI Bank has advanced Rs.100 Crore to Ushdev International Ltd, Principal Borrow, by way of two bilateral non-fund based facilities of INR 50 Crore each. The above two bilateral non-fund based facilities were advanced by Credit Agreement Letter dated 24.12.2014 and 14.10.2015.

(ii) A Deed of Guarantee was executed by the Corporate Debtor – Ushdev Engitech Ltd. on 10.08.2016 for securing the above credit facility extended to the Principal Borrower.

(iii) The Principal Borrower committed default and account of the Principal Borrow was declared as NPA in December, 2016.

(iv) On 16.10.2017, Corporate Guarantee of Corporate Debtor was also invoked and the Corporate Debtor was asked to make payment within 5