1. CANARA BANK HAVING HEAD OFFICE AT: 112, J.C. ROAD, BENGALURU KARNATAKA560002 THROUGH STRESSED ASSETS MANAGEMENT (SAM) BRANCH: C34, 3rd FLOOR, DDA OFFICECUM SHOPPING COMPLEX, OPPOSITE MOOLCHAND HOSPITAL DEFENCE COLONY, NEW DELHI 110024 [email protected] ...Respondent No. 1 2. ASHOK KUMAR GULLA INTERIM RESOLUTION PROFESSIONAL FOR GOODLUCK CARBON PRIVATE LIMITED HAVING OFFICE AT: FLAT NO. 23, IAPL HOUSE, 2nd FLOOR SOUTH PATEL NAGAR, NEW DELHI ...Respondent No. 2 110008 EMAIL [email protected] 3. PUNJAB NATIONAL BANK HAVING HEAD OFFICE AT: PLOT NO. 4, 205 DELHI RD, SECTOR 10 DWARKA, NEW DELHI, DELHI, 110075 THROUGH: ZONAL SASTRA CENTRE, PLOT NO. 5 3rd FLOOR, FEROZPUR ROAD LUDHIANA, PUNJAB141001 EMAIL [email protected] ...Respondent No. 3 Present: For Appellant : Mr. Gaurav Mitra, Ms. Lavanya Pathak, Ms. Ankita Bajpai, Ms. Vatsala Kak & Mr. Sagar Thakkar, Advocates. For Respondent : Mr. Abhishek Naik, Ms. Gulafsha Kureshi, Ms. Katyayani, Ms. Deepsikha Mishra, Mr. Falak Zaidi & Mr. Mojahid Karim Khan, for R1. Mr. Santosh Kumar Root & Ms. Dharna Veragi, for R3/ PNB. JUDGMENT (Hybrid Mode) [Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)] The instant appeal has been filed by Shri Rajender Kumar Pahwa Suspended Director of the Corporate Debtor (CD) Good Luck Carbon Pvt. Ltd. under section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) assailing the impugned order dated 18th October 2024 passed by Ld. Adjudicating Authority, New Delhi, Court IV in Company Petition No. 595 of 2023 under section 7 of the IBC, whereby the application filed by the petitioner / Respondent No.1 has been accepted and the CIRP process has been initiated against the CD namely Good Luck Carbon Pvt Ltd. 2. Necessary facts required for disposal of this appeal are that a petition under Section 7 of the IBC was presented by the respondent No. 1 before Ld. Tribunal against the CD, which is an MSME Company, which has been accepted by passing the impugned order and CIRP has been initiated against the CD and Mr Ashok Kumar Gulla, Respondent No.2, was appointed as Interim Resolution Professional (IRP) for the corporate debtor. 3. It is stated by the Appellant that the Corporate Debtor was incorporated as M/s Good Luck Impex Pvt. Ltd. in the year 1993 and thereafter in the year 2007 the name of it was changed to Good Luck Company Appeal (AT) (Insolvency) No. 1980 of 2024 2 of38 Carbon Pvt Ltd. The Company is having its unit located at Village Jitwal Kalan, Tehsil Malerkotla, District Sangrur, Punjab148019, and is engaged in the business of manufacturing all grade of furnace blacks, soft black and hard black grades for the purpose of strengthening and reinforcing rubber products, adding opacity to plastics and balancing colour formulations. 4. It is also stated in the Memo of Appeal that in the usual course of business the CD sought credit facilities from various banks individually under Consortium of lending between the year 2011 to 2013. The company diligently met its repayment obligations to the concerned banks, against the loan facilities sanctioned by the Lenders to the company. 5. In the year 2014, the Corporate Debtor, with the objective of expansion of its business availed a project loan of Rs. 57.74 crores which was sanctioned by a consortium of banks comprising of the Punjab National Bank as the Lead Bank, Bank of Baroda, Canara Bank (Respondent No.1), Vijaya Bank, vide consortium agreement dated 10.03.2014 by providing adequate security. 6. It is further stated that the entire District of Sangrur, where the unit of the corporate debtor was located, was placed in R