JUDGEMENT

(12^th April, 2023) [Per: Dr. Alok Srivastava, Member (Technical)] This Appeal has been filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (in short ‘IBC’) by the Appellant who is aggrieved by the order dated 06.05.2021 of the Adjudicating Authority (National Company Law Tribunal, Court No.

V, Mumbai Bench) (in short ‘Impugned Order passed in C.P. (IB) No. 4108/MB/2019’). The Appellant is aggrieved by the Impugned Order whereby a Section 7 application filed by the Respondents No. 1 and 2 before NCLT, Mumbai was admitted and Corporate Insolvency Resolution Process (in short ‘CIRP’) was initiated.

2. In brief, the case of the Appellant is that the Corporate Debtor – Bharucha & Motivala Infrastructure Private Limited (in short ‘B & M Infra’) had given a Corporate Guarantee as a Co-Obliger in respect of the residential project called ‘The Cove’ which was being developed by Lake District Realty Private Limited (in short ‘LDRPL’ and also ‘Issuer Company’). It was developing the project with Pune Kondhwa Realty Private Limited (in short ‘PKRPL’) on land owned by PKRPL admeasuring a total of 6.7272 ha in village Yeolewadi, Taluka Haveli, District Pune