J U D G M E N T

ASHOK BHUSHAN, J.

1.This appeal by a suspended director of the corporate debtor has been filed challenging the order dated 09.12.2025 passed by the adjudicating authority (National Company Law Tribunal, New Delhi Bench, Court – IV) admitting a Section 7 application (C.P. (IB) No. 317/ND/2025) filed by the Canara Bank. Appellant aggrieved by the said order has come up in this appeal.

2. Brief facts of the case giving rise to the appeal are:

i. A Rupee Term Loan of Rs. 100 crore was sanctioned by the financial creditor to Principal Borrower- Indiabulls Realtech Ltd., now M/s. Simar Thermal Power Limited on 26.02.2010, Term Loan of cost overrun of Rs.15.57 crore dated 26.03.2014 and Rs.28.83 crore dated 30.08.2016 was also extended totalling to Rs.144.4 crore.

ii. A corporate guarantee dated 30.06.2010 was extended by India Bulls Real Estate Limited (subsequently M/s. Equinox Development Ltd., the corporate debtor) and India Bulls Power Limited who subsequently became Rattan India Enterprises Limited. A guarantee was extended to the Financial Facilities extended by virtue of Facility Agreement dated 30.06.2010. After the aforesaid guarantee dated 30.06.2010, a scheme of arr