JUDGEMENT

Per: Justice Rakesh Kumar Jain: This order shall dispose of two appeals i.e. CA (AT) (Ins) No. 1527 of 2022 titled as Mohan Nathuram Sakpal Vs. State Bank of India & Anr. (In short ‘first appeal’) and CA (AT) (Ins) No. 1526 of 2022 titled as Sundar Nagar Co-operative Housing Societies Union Limited Vs. State Bank of India & Anr. (In short ‘2nd appeal’) as both the appeals have been filed against the same impugned order dated 06.12.2022 by which an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short ‘Rules’) by State Bank of India (Financial Creditor) against A A Estates Private Limited (Corporate Debtor) for the resolution of an unresolved financial debt of Rs. 1,35,26,12,129/- inclusive of interest and penal interest has been admitted.

2. The first appeal has been filed by a shareholder/director of the Corporate Debtor whereas 2nd appeal has been filed by a federal society comprising of nine societies incorporated under the provisions of Maharashtra Co-operative Societies Act, 1960.

3. The brief facts of this case are