(Hybrid Mode) [Per: Arun Baroka, Member (Technical)]

The present Appeal is being preferred under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") against the Impugned Order dated 08.05.2023 passed by the Learned Adjudicating Authority, National Company Law Tribunal (NCLT), Cuttack Bench in Company Petition (IB) No. 27/CB/2023.

2. The Appellant - Small Industries Development Bank of India (SIDBI)- established on 02.04.1990 under an Act of the Indian Parliament, serves as the Principal Financial Institution for the Promotion, Financing, and Development of the Micro, Small, and Medium Enterprise (MSME) sector. It is also responsible for coordinating the functions of similar institutions.

3. The Respondent Company- Sambandh Finserve Private Limited- incorporated on 03.07.1996 under the Companies Act 1956, is a private entity registered with the ROC Cuttack. Initially an NBFC, its license was canceled by the Reserve Bank of India, and an Administrator has been appointed to oversee its operations.

4. Despite repeated opportunities the Respondent did not file any reply. Heard Counsel of the Appellant and also perused the documents on record including the reply of the