Punjab National Bank ( PNB ), the financial creditor had approached the Appellate tribunal to recover a total outstanding debt and to the tune of over Rs 244.85 crores. Earlier in 2015, a consortium of lenders, Joint Lenders Forum ( JLF ) had decided to classify the accounts of the Corporate Debtor as 'Special Mention Account' ( SMA ) following the Reserve Bank of India ( RBI ) guidelines. A restructuring package had then been sanctioned pursuant to which a master restructuring agreement was entered into between PNB and the Corporate Debtor. However, the Corporate Debtor failed to adhere to the financial norms which resulted in the invocation of the Strategic Debt Restructuring Scheme ( SDR ). The implementation of the SDR was also unsuccessful and the Appellant classified the Corporate Debtor's account as NPA with effect from June 30, 2016. The Appellant then moved an application under Section 7 of IBC before the NCLT which was dismissed in December last year.