JUDGMENT

ASHOK BHUSHAN, J:

This Appeal has been filed against the Order dated 09.09.2022 passed by the National Company Law Tribunal, Mumbai Bench, Court I, (hereinafter referred to as “The Adjudicating Authority”) admitting Section 7 Application of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “The Code”) filed by Mr. Nitin Suresh Satghare and 99 Ors.-Financial Creditors. The Section 7 Application was filed against the Corporate Debtor-Pancard Clubs Limited. The Appellant before us i.e. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) who had filed I.A. No. 1894 of 2019 praying for dismissal of the Company Petition.

2. Brief facts of the case necessary to be noted for deciding this Appeal are:-

i. The SEBI received various complaints against Pancard Clubs Limited alleging fraudulent fund mobilisation across the Country. After certain proceedings, the SEBI passed an Order dated 29^th February, 2016 in exercise of power under SEBI Act, 1992 directing Pancard Clubs Limited and its directors to refund the amounts collected from investors under an unregistered Collective Investment Schemes along with returns or not to carry out any collective inv