TMI Blog2017 (9) TMI 1768X X X X Extracts X X X X X X X X Extracts X X X X ..... o it cannot be said that attorney-holder position is not sufficient enough to file this company petition, hence the objection raised by the corporate debtor is hereby rejected. Since the details and document given by the petitioner are ample enough to prove the existence of debt and occurrence of default, this company petition is hereby admitted. - C. P. No. 1399 /I&BP/ 2017. - - - Dated:- 29-9-2017 - B. S. V. Prakash Kumar Judicial Member And V. Nallasenapathy Technical Member For the Applicant : Saloni Kapadia , Abhijeet Das , Anush Mathkar , Naveena Varghese instructed by Cyril Amarchand Mangaldas For the Respondent ; Raunak Sandani , Hema Daulat , Komal Khurlodani and Kunal Mehta ORDER B. S. V. Prakash Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice loan facilities as agreed between the bank and the corporate debtor, the facilities have become NPAs, by which, the corporate debtor has committed default of repaying ₹ 14,68,30,492 under facility 1 as on October 1, 2016 ₹ 2,49,364 under as on September 1, 2016 and ₹ 241,40,76,699 under facility 3 as on September 30, 2016-the total default amount has become ₹ 258,58,56,554 as on August 31, 2017. Observations 4. To prove that debt is within the time, the bank filed annual returns of corporate debtor for the financial years 2016-17, 2015-16 and 2014-15 of the corporate debtor and statement of accounts in respect to these three accounts (exhibit 16) reflecting existence of debt and occurrence of default again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eptember 20, 2017 in Palogix Infrastructure P. Ltd. v. ICICI Bank Ltd. [2018] 1 Comp Cas-OL 140 (NCLAT) such authority cannot be construed as an authorization to file this petition. Per contra, the petitioner counsel filed certified copy of resolution dated July 14, 2017 reaffirming the Authority already given with an additional power to proceed under the I and B Code as well, therefore we have not found substance in the objection raised by the corporate debtor in respect to authority for filing this case. Moreover, the power of attorney holder is in the rank of chief manager of the Bank of Baroda, so it cannot be said that attorney-holder position is not sufficient enough to file this company petition, hence the objection raised by the cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2017 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of the corporate debtor under section 33, as the case may be. (v) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. (vi) That this Bench hereby appoints Ms. Charu Sandeep Desai, having address at Ernst and Young LLP, c/o. Archana Mhatre, 17th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (W), Mumbai-400 028, e-mail-ID : charudesai@gmail.com having Registration No. IBBI/IPA-001/IP-P00434/217-18/19757 as interim resolution professional to carry the fun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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