JUDGMENT

(Hybrid Mode)

[Per: Justice Sharad Kumar Sharma, Member (Judicial)]

The Appellant before this Appellate Tribunal is the erstwhile Managing Director of the Corporate Debtor, M/s. AKR Construction Limited, which has been admitted into CIRP by the proceedings in CP(IB) No. 207/7/HDB/2022, initiated by the Financial Creditor, i.e., SREI Equipment Finance Limited, Respondent No. 1 herein. Respondent No. 1, who initiated the proceedings under Section 7 of the I & B Code, 2016, had sought commencement of the CIRP against the Corporate Debtor on the ground, as contended before the Ld. Adjudicating Authority, that they had extended certain financial assistance by way of credit facilities to the Corporate Debtor, allegedly amounting to Rs. 43,96,27,959/- under various facility and loan agreements, and pursuant to the same, various deeds were executed, including the deed of hypothecation, the certificate of registration of charge, the personal guarantee, and the loan agreement.

2. It was contended by the Financial Creditor that, on account of the Corporate Debtor’s default in remitting the loan amount extended by the Financial Creditor, an amount of Rs. 277,77,89,288/-, as stated in th