J U D G M E N T

PAMIDIGHANTAM SRI NARASIMHA, J.

1. By the present appeal, the suspended director of the Corporate Debtor assails the order of the NCLAT1 affirming the order of the Adjudicating Authority2 admitting the application under Section 7 of IBC3 for initiating CIRP4 proceedings against the Corporate Debtor.

2. The undisputed facts before us are that the Corporate Debtor (respondent No. 2 herein), now represented by its Insolvency Resolution Professional (IRP), availed loan and credit facilities from Signature Not Verified

1 National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 238 of Digitally signed by Indu Marw2ah020, dated 04.10.2021.

Date: 2024.10.22

19:15:09 IST Reason:2 Adjudicating Authority/National Company Law Tribunal, Kolkata Bench, Kolkata order dated 13.12.2019 in CP No. 254/KB/2019.

3 Insolvency and Bankruptcy Code, 2016.

4 Corporate Insolvency Resolution Process.

UCO Bank (respondent No. 1 herein) and other consortium of banks under agreements dated 21.06.2010, 30.08.2012, 19.07.2012 and 31.12.2012. The said loan and other credit facilities were availed for funding of Corporate Debtor’s Thermal Power Plant.

2.1 Having defaulted on repayment of