The appellants, including a director of M/s Kaushambi Paper Mills Pvt. Ltd., filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor. This application was filed before the Adjudicating Authority, which is the National Company Law Tribunal, Principal Bench, New Delhi. The Adjudicating Authority considered the application and subsequently rejected it. The Adjudicating Authority's order, dated November 1, 2019, was based on the finding that the appellants did not fall within the definition of 'Financial Creditors' as per the provisions of the I&B Code . The appellants contended that they had disbursed a loan to the corporate debtor, which

The appellants, including a director of M/s Kaushambi Paper Mills Pvt. Ltd., filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor. This application was filed before the Adjudicating Authority, which is the National Company Law Tribunal, Principal Bench, New Delhi. The Adjudicating Authority considered the application and subsequently rejected it. The Adjudicating Authority's order, dated November 1, 2019, was based on the finding that the appellants did not fall within the definition of 'Financial Creditors' as per the provisions of the I&B Code . The appellants contended that they had disbursed a loan to the corporate debtor, which