JUDGMENT

ASHOK BHUSHAN, J.

This Appeal by the State Bank of India (“SBI”) has been filed challenging the order dated 21.03.2023 passed by National Company Law Tribunal, Cuttack Bench, Cuttack, by which Section 7 Application filed by the SBI to initiate CIRP against the Corporate Debtor, Abhijeet Ferrotech Ltd. has been rejected. Aggrieved by the order rejecting Application, this Appeal has been filed by the Financial Creditor.

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

(i) The State Bank of Travancore has sanctioned loan to the tune of Rs.99 crores on 17.03.2012 to the Corporate Debtor. On 08.04.2013, the working capital limit of Rs.99 crores was renewed for a further period of 12 months.

(ii) On 31.03.2013, the accounts of the Corporate Debtor was declared as Non-Performing Assets (“NPA”). The SBI along with other consortium lenders entered into Master Restructuring Agreement with the Corporate Debtor on 28.09.2013. Various documents were executed by the Corporate Debtor in support of Master Restructuring Agreement on 30.09.2013. On 14.02.2014, the erstwhile State Bank of Travancore restructured the credit facilities in favour of the Corporate