This appeal was filed by a Suspended Director of the Corporate Debtor against the order dated 12.01.2023, by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted a Section 7 application filed by the Respondent – Financial Creditor. The Corporate Debtor entered into an agreement on 27.01.2011 with Metrochem Industries Ltd. (now Metroglobal Ltd.) for a repayment of a principal amount of Rs. 24 crores, with 11 post-dated cheques given, and an interest amount of Rs. 13.50 crores to be paid through the issuance of 05 post-dated cheques. A further agreement dated 28.12.2012 was entered for a payment of Rs. 46 crores. A Section 7 application was filed in June 2021 seeking initiation of CIRP against the Corporate Debtor for default of an

This appeal was filed by a Suspended Director of the Corporate Debtor against the order dated 12.01.2023, by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted a Section 7 application filed by the Respondent – Financial Creditor. The Corporate Debtor entered into an agreement on 27.01.2011 with Metrochem Industries Ltd. (now Metroglobal Ltd.) for a repayment of a principal amount of Rs. 24 crores, with 11 post-dated cheques given, and an interest amount of Rs. 13.50 crores to be paid through the issuance of 05 post-dated cheques. A further agreement dated 28.12.2012 was entered for a payment of Rs. 46 crores. A Section 7 application was filed in June 2021 seeking initiation of CIRP against the Corporate Debtor for default of an