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2017 (8) TMI 1471 - NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, KOLKATAInitiating corporate insolvency resolution process - Whether Mr. Meghraj Deshmukh is having specific authorisation to initiate corporate insolvency process against corporate debtor M/S Jalan Intercontinental Hotels Pvt. Ltd under the I & B Code? - Held that:- Mr. Meghraj Deshmukh has been given authority to file winding up petition before any court in India. That authority includes his authority to file insolvency resolution process under the code. Therefore, it appears to us that Mr. Meghraj Deshmukh is a duly constituted attorney to appear and file insolvency resolution process before this Tribunal. Accordingly, we hold that petitioner has got the authority to file a petition of this nature and that this petition is maintainable under law. This issue is answered accordingly. Petitioner as an assignee of the original creditor can file a petition of this nature and therefore this petition is maintainable. This issue is answered accordingly. Winding up petition was admitted and Official Liquidator was appointed. Being found that the winding up petition was admitted and Official Liquidator was appointed Hon’ble NCLT Special Bench New Delhi dismissed the petition filed by Nowfloats Technologies Pvt. Ltd case. On the other hand, in M/s. Vasan Health Care Pvt. Ltd case the Hon'ble High Court of Madras passed an interim stay of the operation of the order passed by NCLT and referred the question of law raised by it to a Division Bench. Similarly, the corporate debtor in the M/s/ Vasan Health Care Pvt. Ltd case preferred an appeal against the very same order of Hon’ble NCLT, Madras Bench before the Hon'ble National Company Law Appellate Tribunal, New Delhi. In the said decision cited above the Hon’ble Appellate Tribunal observing the applicability of S.238 of the Code in the said case declined to entertain it because the corporate debtor already availed another remedy and with that observation, appellant is permitted to withdraw the appeal. In view of the above-said discussion, it appears to us that this Tribunal has got jurisdiction to entertain this petition under S.7 of the I&B code,2016 Respondent did not raise any dispute regarding the assignment of debt in favour of the petitioner herein by State Bank of India and showed its willingness to settle the liability. The petitioner succeeded in establishing its entitlement to recover the debt from the respondent. It has come out in evidence that respondent defaulted in repayment of the debt due to the petitioner. Therefore, the existence of default in repayment of loan amount received by the Respondent stand proved in the instant case. The application is found otherwise complete. The petitioner has proposed the name of Mr. Kuldeep Verma, an Insolvency Professional registered with the Indian Institution of Insolvency Professional of ICAI having registration no. IBBI/IPA-00/IP-P00014/2016-17/10038, 3, Jagabandhu Modak Road, Kolkata-700005 as interim resolution professional. His consent letter and written communication are produced along with the petition . The Insolvency Professional has certified that there are no disciplinary proceedings pending against him. Therefore, this petition is liable to be admitted. The proposal of appointment of IRP is approved and appointed to proceed as per the provisions to finalize me insolvency resolution process within the prescribed period.
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