JUDGEMENT

DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER

1. The appeal has been filed by the ‘Appellant' – ‘JM Financial Asset Reconstruction Company Limited’ under Section 61 of the ‘Insolvency and Bankruptcy Code, 2016’ (in short ‘Code’) against the impugned order dated 04.10.2021 passed by the ‘Adjudicating Authority’ (National Company Law Tribunal), Ahmedabad Bench in IA No.118 (AHM) of 2021 in CP(IB) No. 305 of 2018. Debtor (CD) together with all the underlying ‘Security interest’ created, with all the rights, title & interest therein were assigned in favour of the Appellant under the provisions of the ‘Securitization And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002’ (SARFAESI Act, 2002) under an ‘Assignment Agreement’ dated 28.03.2016 by ‘Karur Vysya Bank Limited’ as ‘Assignor’ and thereby the Appellant has become the ‘Secured Financial Creditor’ to the ‘Pacific Pipe Systems Pvt. Ltd’ (CD). The CD availed financial assistance from ‘Karur Vysya Bank Limited’ etc. in terms of ‘Sanction Letter’ dated 11.06.2008 (Annexure A-2 appearing at page 31 of the Appeal Paper Book) and further enhanced the ‘credit facilities’ vide its letter dated