JUDGEMENT

ASHOK BHUSHAN, J. 1. This Appeal has been filed by the Financial Creditor challenging the Order dated 07th April, 2022 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) in CP (IB) No.

772/KB/2019 by which Application filed under Section 7 of the -2- Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “The Code”) by the Appellant has been dismissed.

2. The brief facts of the case giving rise to this Appeal are:-

i.

On 30.11.1994, Industrial Development Bank of India wrote to Respondent informing that it agreed to subscribe to the Respondent’s secured non-convertible debentures aggregating to Rs. 500 Lakhs on private placement basis. ii.

IDBI and the Respondent executed a non-convertible debentures subscription agreement on 01.02.1995 of aggregate nominal value of Rs. 500 Lakhs. On 23.12.1998, IDBI and the Respondent executed a Rupee Term Loan agreement aggregating to Rs. 750 Lakhs. On 04.03.2004, the IDBI wrote to the Respondent intimating the Respondent that amount of the IDBI in the Loan have become due with interest accrued aggregating to Rs.

24,69,59,120/-. The Respondent was called upon to pay the amo