1. Mr. Sanjay Kumar Chetwani 12/480, Aggarwal Farms, Mansarover, Jaipur, Rajasthan 302020 Email: [email protected] 2. M/s Medinnbelle Herbalcare Pvt. Ltd. Through Its Interim Resolution Professional Mr. Santanu Kumar Samanta, C170, Golf View Apartments, Saket, New Delhi 110017. Email Id: [email protected] ...Respondents Present: For Appellant: Mr. Saurabh Kirpal, Sr. Advocate with Mr. Madan Verma, Mr. Harimohana N., Mr. Aditya Madaan, Advocates. For Respondents: Mr. Harsh Gokhale, Mr. Kunal Negi, Mr. Rohil Pandit, Advocates for Respondent No.1. Mr. Gautam Singhal, Advocate with Mr. Santanu Kr. Samant, IRP in person for Respondent No.2. Mr. Sumesh Dhawan, Ms. Vatsala Kak, Advocates for Intervenor. Cont'd.../ 2 JUDGMENT ASHOK BHUSHAN, J. This Appeal has been filed by a Suspended Director of the Corporate Debtor challenging the order dated 14.12.2021 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench IV by which order Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code') filed by Respondent No.1 the Operational Creditor has been admitted. Aggrieved against the said order, the Appellant has come up in this Appeal. While issuing notice in this Appeal on 23.12.2021, an interim order was passed directing that the Committee of Creditors shall not be constituted. 2. Brief facts of the case necessary to be noticed for deciding this Appeal are: The Corporate Debtor is a manufacturer of famous 'Endura' products since 1996 and has been using the renowned trademark 'Endura Mass A Weight Gainer' since 01.02.2001. The Respondent No. 1 got a trademark 'NPD Endura Mass' registered as Trademark No. 1858441 on 04.09.2009 by making false representation before the concerned registering authorities of Trademark and concealing the fact that Trademark of Corporate Debtor is already duly registered as 'Endura Mass a Weight Gainer'. One Mr. K. N. Mahesh Prasad came in contact with the Corporate Debtor and represented that M/s Piramal Enterprises Limited is interested in taking Company Appeal (AT) (Insolvency) No. 1088 of 2021 3 over the Trademark of the Corporate Debtor. Mr. K. N. Mahesh Prasad forwarded an email by one Mr. Jatin Lal of Piramal Group wherein it was stated that offer of purchase of Trademark is subject to resolution of trademark issue with NPD. An Assignment Deed dated 19.01.2018 was executed between the Respondent No.1 and the Corporate Debtor for assignment of Trademark 'NDP Endura Mass' to Corporate Debtor for total consideration of Rs.4.40 Crores. The payment of entire consideration was made by two Demand Drafts by the Corporate Debtor after deduction of TDS. A postdated Cheque of Rs.52,80,000/ dated 15.03.2018 was handed over by the Corporate Debtor in the name of Respondent to Shri K. N. Mahesh Prasad as security. By letter dated 12.03.2018, the Corporate Debtor informed that Cheque issued to Respondent No. 1 was only to help Respondent No.1 and on his request and not because of Corporate Debtor's liability to pay any amount towards GST. Respondent No. 1 was communicated that the Board of Directors of the Corporate Debtor have not approved and declined the request of the Respondent No. 1 for GST payment. Respondent No. 1 was informed that the Corporate Debtor is instructing its Bank to 'Stop Payment' of Cheque No. 000696 dated 15.03.2018. On 21.05.2018, the Corporate Debtor filed complaint against Respondent No. 1, wife of the Respondent No. 1 Ms. Sonia Chetwani and Mr. K. N. Mahesh Prasad u/s 384, 403, 406, 420, 426, 467, 468, 471, 477A, 499, 120B r/w 34 of IPC with EOW, Delhi. Respondent No. 1 presented the Cheque in the month of Company Appeal (AT) (Insolvency) No. 1088 of 2021 4 June,