J U D G M E N T

(27th April, 2026)

INDEVAR PANDEY, MEMBER (T)

1.These three appeals viz. Company Appeal (AT) (Ins.) No. 1019 of 2024; Company Appeal (AT) (Ins.) No. 1657 of 2024; and Company Appeal (AT) (Ins.) No. 893 of 2025 arise from the same insolvency and liquidation proceedings of the Corporate Debtor, IMP Powers Limited, and these involve common questions of fact and law relating to the rights of the Appellant, STCI Finance Limited, who is one of the Financial Creditors of the Corporate Debtor(CD) and is a Non-Banking Finance Company registered with the Reserve Bank of India. All these Appeals were heard together and are being decided by this common judgment to avoid repetition of facts and to ensure consistency in adjudication.

COMPANY APPEAL (AT) (INS.) NO. 1019 OF 2024

2.The Company Appeal (AT) (Ins.) No. 1019 of 2024 has been preferred by the Appellant, STCI Finance Limited, under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘Code’), assailing the impugned order dated 22.04.2024 passed by the National Company Law Tribunal, Ahmedabad, Division Bench (Adjudicating Authority) in Misc. A/1 (AHM) 2024 in C.P. No. (IB) 203/2020, whereby the Adj