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2018 (5) TMI 857 - Tri - Insolvency and BankruptcyCorporate insolvency process - Corporate Debtor has committed default in making payment - whether default occurred as alleged by the Financial Creditor? - Claim barred by limitation - authority to file the petition - Held that:- The objections raised are vague and inconsistent with that of the documents admittedly executed by the corporate debtor. The petitioner produced Annexure-”B” proving the authority given to the Asstt. General Manager Mr. Bishwatosh Misra for signing a petition like this nature. The above said authorisation was issued by the Chairman, SBI as per notification dated 2nd May 1987. As per clause A in the notification all officers in the grade of SMGS IV and above are empowered to do business of the Bank in respect of all matters coming in discharge of functions of the posts held for the time being. Annexure -B proves special authority to file a petition before NCLT also. So the petitioner has got the authority to file a petition like the petition in hand. The contention of the corporate debtor that petitioner has no authority is therefore found devoid of any merit. Annexure- “C” is the calculation of the amount due from the corporate debtor. It shows that total outstanding due on the corporate debtor on 31/12/2017 is ₹ 469,29,69,983.63 /-. As per Annexure C the date of default in regards cash credit and term loan is on 31-03-2016. It is also clear that corporate debtor has committed default as alleged by the petitioner. The total outstanding as on 31-12-2017 is ₹ 469,29,69,983.63, which include interest, penal interest which the corporate debtor failed to pay. The contention that the calculation of the amount in default is wrong also found without any supporting data. The acknowledgment of liability evidently found executed by the corporate debtor i.e. Annexure LL dated 2nd April 2016, Annexure MM, dated 19th August 2017, Annexure NN date 2nd May, 2017 and Annexure OO dated 7th April, 2017 are evidently executed by the corporate debtor. Therefore, the corporate debtor being confirmed the balance amount outstanding as per the above referred documents the claim is not at all barred by limitation as alleged. The petition filed by the financial creditor under Sec.7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process and declare a moratorium and public announcement in accordance with Sec.13 and 15 of the IBC, 2016.
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