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- bank to secure payment of credit facility sanctioned in favour of the borrower company. The petitioners of Special Civil Application no.6618 of 2019 are promoters and shareholders of the said company. The borrower company defaulted in payment/repayment obligation to the respondent - bank.

4.2 It appears that the bank of Baroda filed insolvency petition being Company Petition No.135/7/NCLT/AHM/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the C/SCA/6618/2019 JUDGMENT I.B. Code') before the National Company Law Tribunal, Ahmedabad Bench (hereinafter referred to as 'the NCLT') against the borrower company. The NCLT by order dated 19th December, 2017 admitted the said petition and ordered moratorium under Section 14(1)(a) of the I.B. Code prohibiting the institution of suits or continuation of pending suits or any proceedings against the borrower company. A Resolution Professional and Management was appointed and the Management of the borrower company was suspended.