JUDGEMENT

Per; Shreesha Merla, Member (T) 1. Dissatisfied with the impugned order dated 06.07.2020 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench IV, Mumbai in CP (IB) No.3402/MB.IV/2019 dismissing the Application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as the ‘I&B Code’), M/s UCO Bank/Financial Creditor has preferred this Appeal under Section 61 of the I&B Code.

2. Succinctly put, the facts in brief are that vide Sanction Letter dated 03.05.2005, M/s UCO Bank/Appellant herein approved a Cash Credit of Rs.10.35 crores, warehouse funding of Rs.12.50 crores and Bank Guarantee of Rs.0.80 Crore in favour of M/s Deegee Orchards Pvt Ltd, Corporate Debtor. On 04.10.2006, the Appellant renewed the sanction of a total of Rs.20.35 crores. On 07.03.2008, 05.11.2008, 25.11.2011 and 23.12.2011 the Appellant remodified the terms of sanction and renewed the Credit Facilities extended to the Corporate Debtor. The agreed rate of interest was 11.70% per annum. On 30.06.2014, it is averred that a sum of Rs. 43,04,08,269.00 was due and payable and the account of the Corporate Debtor was declared as NPA. By th