JUDGEMENT

[Per; Shreesha Merla, Member (T)]

1. Challenge in this Appeal namely Company Appeal (AT) (Insolvency) No.

715 of 2020 is to the Impugned Order dated 06.05.2020, passed by the Learned Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV) in C.P. No. (IB) 2161/MB/C-IV/2019 filed by the Appellant/‘Financial Creditor’ against the Respondent/‘Corporate Debtor’ under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter -2- Company Appeal (AT) (Insolvency) No. 715 of 2020 referred to as the ‘Code’). By the Impugned Order, the Learned Adjudicating Authority has dismissed the Application preferred by the Appellants on the following grounds: (a) That the ‘Financial Creditor’ never authorized the Director to initiate CIRP against ‘Corporate Debtor’ and the CIRP was initiated without proper authorisation. (b) The Loan Agreement is dated 02.12.2015, but the disbursement took place on 07.11.2015, which puts a question mark on the genuineness of the purported transaction. (c) In paras 5 and 6 of the Memorandum of Understanding dated 23.03.2018, it is recorded that the amounts, if any, to be paid to M/s. Rushabh Civil Contractors Private L