O R D E R

(Hybrid Mode)

Per: Justice Rakesh Kumar Jain:

27.01.2025: This appeal is against the order dated 25.06.2024 by which the application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) has been admitted.

2. In brief, BBT Elevated Road Pvt. Ltd. (CD) entered into a concession agreement with Kolkata Metropolitan Development Authority (KMDA) on 28.05.2014 for development, design, financing, procurement, engineering, construction, operation and maintenance of the elevated road between Jinzira Bazar and Batanagar of the project highway on Budge Budge Trunk Road, Kolkata on DBFOT basis. The CD alongwith two directors, namely, Mr. Sumit Dabriwala and Mr. Nandu Kishinchand Belani (Appellants herein) approached the Respondent (Canara Bank) for grant of various financial facilities which were extended on 17.01.2015. As per the concession agreement dated 28.05.2014, the CD was to establish an escrow account and as such an escrow agreement dated 19.02.2015 was entered into between the Bank, CD and KMDA. The Bank was appointed as the trustee for KMDA.

3. The sanction letter was modified, the loa