This appeal challenges an order dated March 12, 2020, issued by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench), which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Monotrone Leasing Private Limited (Financial Creditor/Respondent No.1) against BD Motors Limited (Corporate Debtor), represented by Narendra Kumar Agarwal and Suman Agarwal (Appellants). The Financial Creditor had extended an inter-corporate loan of Rs. 25 lakhs to the Corporate Debtor, which was repayable within 90 days with 15% interest per annum. The Corporate Debtor made partial payments but defaulted on the outstanding amount from April 1, 2018. Subsequently, two cheques issued by the Corporate Debtor

This appeal challenges an order dated March 12, 2020, issued by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench), which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Monotrone Leasing Private Limited (Financial Creditor/Respondent No.1) against BD Motors Limited (Corporate Debtor), represented by Narendra Kumar Agarwal and Suman Agarwal (Appellants). The Financial Creditor had extended an inter-corporate loan of Rs. 25 lakhs to the Corporate Debtor, which was repayable within 90 days with 15% interest per annum. The Corporate Debtor made partial payments but defaulted on the outstanding amount from April 1, 2018. Subsequently, two cheques issued by the Corporate Debtor