1. Aditya Birla Finance Limited, GCorp, 13th Floor, Ghodbunder Road, next to Hypercity Mall, Thane 400 615 2. Narang Developers Private Limited Through its Interim Resolution Professional A company incorporated under the provisions of the Companies Act, 2013 having its registered address at Narang Manor, Ground Floor, Plot No. 96B, 15th Road, Bandra (West), Mumbai 400 050 ...Respondents Present: For Appellant : Mr. Chitranshul A. Sinha, Ms. Meghna Rao, Mr. Harshit Goel, Advocates. For Respondent : Mr. Krishnendu Datta, Sr. Advocate with Mr. Lalit Katariya, Mr. Akhil Sachar, Ms. Niharika Sharma, Ms. Ashrita Chindwarhe, Advocates. JUDGMENT (Hybrid Mode) Per: Barun Mitra, Member (Technical) The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 ('IBC' in short) by the Appellant arises out of the Order dated 28.03.2024 (hereinafter referred to as 'Impugned Order') passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai BenchIV) in C.P. (IB) No. 1142/MBIV/2023. By the impugned order, the Adjudicating Authority has admitted Section 7 application filed by the Respondent No.1 and admitted the Corporate Debtor into Corporate Insolvency Resolution Process ("CIRP" in short). Aggrieved by the impugned order, the present appeal has been preferred by the ExDirector of the Corporate Debtor. 2. Coming to the factual matrix of the present case, a Section 7 application under IBC was filed against the Corporate DebtorNarang Developers Pvt. Ltd (NDPL) by Aditya Birla Finance LtdFinancial Creditor. The Financial Creditor, a NonBanking Finance Company had sanctioned a loan facility aggregating Rs 11.50 Cr wherein NDPLCorporate Debtor, an MSME entity, is a CoBorrower, subject to terms and conditions contained in Sanction letters dated 19.09.2016 and 04.12.2018 and the Facility Agreement dated 29.09.2016 and Supplementary Facility Agreement dated 07.12.2018. An Indenture of Mortgage was also executed on 17.10.2016 by the Corporate Debtor in favour of the Financial Creditor creating security interest over the secured asset. On account of default in repayment of the loan, the loan accounts were classified as Non Page 2 of 19 Company Appeal (AT) (Insolvency) No. 684 of 2024 Performing Assets (NPA) on 16.06.2019. The Financial CreditorRespondent No. 1 issued a Demand Notice on 05.07.2019 to the Corporate Debtor under Section 13(2) of the SARFAESI Act. Thereafter, the Corporate Debtor made payments of Rs 30 lakhs and Rs 70 lakhs besides offering to clear the entire outstanding dues of Rs 2.38 Cr. on or before 15.03.2020. Due to nonpayment of the dues, the Financial Creditor filed a Section 7 petition against the Corporate Debtor by holding the date of default as 15.03.2020. The Corporate Debtor was admitted into CIRP by the Adjudicating Authority on 28.03.2024. Aggrieved by this order, the present appeal has been preferred by the Suspended Director of the Corporate Debtor. 3. We have heard Shri Chitranshul A. Sinha, Ld. Advocate appearing for the Appellant and Shri Krishnendu Datta, Ld. Sr. Advocate representing the Respondent No.1. 4. Making his submissions, the Ld. Counsel for the Appellant submitted that the loan facility was disbursed by Respondent No.1 to M/s Csango Industries Pvt. Ltd. ("Csango" in short) and to Pacific Link Exports Pvt. Ltd. ("Pacific Link" in short) and not to the Corporate Debtor. Hence, in the absence of any disbursement of loan amount to the Corporate Debtor, the Respondent No. 1 cannot rightfully claim to be a Financial Creditor of the Corporate Debtor. Further, since the loan had not been disbursed to the Corporate Debtor, the latter did not have any liability or obligation to repay the loan facility. It was also contended that the