JUDGEMENT

( 03.04.2025)

NARESH SALECHA, MEMBER (TECHNICAL)

1. The present appeal has been filed under Section 61 of the Insolvency and Bankruptcy Code , 2016 (‘Code’) by the Appellant i.e., Mr. Rohit Suri, Suspended Director of Amay Home Services Limited (hereinafter referred to 'Corporate Debtor') against the Impugned Order 17.05.2024 passed by the National Company Law Tribunal, Jaipur Bench (‘Adjudicating Authority’) in Company Petition bearing CP (IB) No. 84/7/JPR/2021.

2. The Rajasthan Financial Corporation (Financial Creditor) is the Respondent No. 1 herein.

3. Ms. Garima Diggiwal, the Interim Resolution Professional (IRP), is the Respondent No. 2 herein.

4. It is noted that Respondent No. 1 filed a Company Petition (IB) No. 84/7/JPR/2021 on 12.08.2021 alleging that during the Financial Year 2007-08, the Corporate Debtor requested a loan facility of Rs. 10 Crores for the purpose of purchasing land and developing a residential complex. The Respondent No. 1 submitted that on 27.11.2008, it dispersed a loan of Rs. 7.25 Crores, released in various instalments between 01.12.2008 and 05.03.2009.

5. On failure on the part of the Corporate Debtor for repayment, the Respondent No. 1 took phy