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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Amit Narang Suspended Director of Narang Developers Private Limited – Appellant
Versus
Aditya Birla Finance Limited – Respondent
| Table of Content |
|---|
| 1. initiation of insolvency based on admitted defaults. (Para 1 , 2) |
| 2. arguments regarding loan disbursement not to the corporate debtor. (Para 4 , 5) |
| 3. definitive interpretations of financial creditor and debt definitions. (Para 9 , 10) |
| 4. co-borrower obligations confirmed immutable under ibc. (Para 21 , 22) |
| 5. judgment affirmed; no errors found. (Para 24) |
JUDGMENT
(Hybrid Mode)
Per: Barun Mitra, Member (Technical)
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 28.03.2024 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-IV) in C.P. (IB) No. 1142/MB-IV/2023. By the impugned order, the Adjudicating Authority has admitted Section 7 application filed by the Respondent No.1 and admitted the Corporate Debtor into Corporate Insolvency Resolution Process (“CIRP” in short). Aggrieved by the impugned order, the present appeal has been preferred by the Ex-Director of the Corporate Debtor.
2. Coming to the factual matrix of the present case, a Section 7 application under IBC was filed against the Corporate D
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