The case involves an appeal against the order passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench) in CA No. 143/2021 in CP (IB) No. 140/ALD/2017 dated 15.07.2021. The Appellants, ex-promoters and ex-members of M/s Shashi Oils & Fats Pvt. Ltd., challenged the dissolution order and the sale of assets of the Corporate Debtor. The company was incorporated under the Companies Act, 1956 on 26.05.2005 and was primarily engaged in the business of manufacturing and packaging of edible oil. Allahabad Bank had sanctioned a term loan facility and working capital limit to the Company, which later defaulted, leading to the account being declared NPA. The bank assigned its debts to Respondent No. 2. CIRP was initiated against the Company, and the

The case involves an appeal against the order passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench) in CA No. 143/2021 in CP (IB) No. 140/ALD/2017 dated 15.07.2021. The Appellants, ex-promoters and ex-members of M/s Shashi Oils & Fats Pvt. Ltd., challenged the dissolution order and the sale of assets of the Corporate Debtor. The company was incorporated under the Companies Act, 1956 on 26.05.2005 and was primarily engaged in the business of manufacturing and packaging of edible oil. Allahabad Bank had sanctioned a term loan facility and working capital limit to the Company, which later defaulted, leading to the account being declared NPA. The bank assigned its debts to Respondent No. 2. CIRP was initiated against the Company, and the