JUDGEMENT

(Date: 24.03.2022) [Per.: Dr. Alok Srivastava, Member (Technical)] This Appeal is preferred by the Appellants who are aggrieved by the order dated 11.03.2021 (hereafter called ‘impugned order’) of the Adjudicating Authority (National Company Law Tribunal, New Delhi) in CP (IB) No. 2115(ND)/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘IBC’).

2. The Appellant is aggrieved by the fact that despite there being no default and incorrect averments of the Appellant, Section 7 application submitted by the Respondent No. 1 was admitted vide the Impugned Order

3. The Appellants have stated in the appeal that they are ex- directors of the Corporate Debtor-M/s Abloom Infotech Pvt. Ltd., which is an associate company of Ninex Group of Companies. The four companies in Ninex Group entered into a common loan agreement dated 27.4.2016 for availing a total loan of Rs. 69,51,00,000/- from the Respondent No. 1. The Appellants have further stated that the corporate debtor, who is one of the borrowers, and three other co-borrowers have repaid Rs.

88,37,00,000/- against the loan which is much more than the combined principal and interest amount