ASHOK BHUSHAN, J.

These four appeals have been filed by the Suspended Director of the

Corporate Debtor - Asian Hotels (West) Ltd. and shareholders of Corporate

Debtor challenging the order passed by the Adjudicating Authority (National

Company Law Tribunal) New Delhi Bench IV admitting Section 7 application

filed by the Financial Creditor as well as orders passed in two Interlocutory

Applications. These appeals arising out of same proceedings were heard

together and are being decided by this common judgment. Company Appeal

(AT) (Ins.) No.1192-1193 of 2022 and Company Appeal (AT) (Ins.) No.1338-

1339 have been filed by the Suspended Directors of the Corporate Debtor –

Asian Hotels (West) Ltd. challenging order dated 16.09.2022 passed by the

Adjudicating Authority admitting Section 7 application filed by the Financial

Creditor in C.P. (IB) No.571/PB/2021. Another order under challenge in

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these appeals is the order dated 16.09.2022 passed in I.A. No.3041 of 2022

filed by JM Financial Asset Reconstruction Company Ltd. by which order the

Adjudicating Authority permitted the JM Financial Asset Reconstruction

Company Ltd. to be substituted in place of Yes Bank, the original Financ