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2020 (6) TMI 790 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The application is filed by Assistant General Manager and Principal Officer of the bank. He is authorized through General Power of Attorney issued on 27.09.2011. The General Power of Attorney is valid and in force. It is also stated by the counsel for the Applicant that the officer of the bank has been authorized to grant loan, recovery of the loan, to initiate the proceedings of CIRP against the person who has defaulted. In such case, the Corporate Debtor cannot plead that officer has power to sanction loan but such officer has no power to recover the loan amount or initiate corporate insolvency resolution process inspite of default by the Corporate Debtor - the Power of Attorney authorised Shri Shashi Bushan Prasad Singh Asst. General Manager to grant loan, recover loan and to apply for insolvency proceedings. Time Limitation - HELD THAT:- The petition is filed on 22.10.2018 and the date of default is 01.07.2015. In this regard, it is noted that the last entry (credit) in loan A/c. is on 30-12-2015 (page No. 922of the application). Hence, the present IB Petition filed on 22.10.2018 is well within the period of limitation. This Adjudicating Authority is satisfied that default has been committed by the Corporate Debtor in repayment of loan amount to the Bank. The petition is complete. As a consequence, the instant petition is admitted in terms of Section 7 of the IB Code and the moratorium as envisaged under the provisions of Section 14(1) of IB Code. Application admitted - moratorium declared.
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