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2020 (3) TMI 1128

..... compelled to issue demand notice under section 8 of the I and B Code seeking payment of the outstanding amount - HELD THAT:- It is found that the petition is filed by one Ms. Sneha Ranade on the basis of resolution passed by the board of directors of the operational creditor company on June 24, 2015, i. e., much before the Insolvency and Bankruptcy Code, 2016 came into force - only an authorised person as distinct from a power of attorney holder can make an application under sections 7, 9 and 10 and required to state his position in relation to the financial creditor. Palogix Infrastructure P. Ltd. v. ICICI Bank Ltd. [2017 (10) TMI 913 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], speaks about the specific authorisation but in this .....

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..... stered private limited company having identification No. U74999MH1984PTC033786 and having registered office at Worli, Mumbai-400 030 engaged in the business of technologies strengthening the infrastructure segments. 3. The respondent-corporate debtor is a private limited company registered on May 20, 1998 having registration No. U29199GJ1998PLC034128 having its registered office at Gotri, Vadodara, Gujarat State. The authorised share capital of the respondent-company is ₹ 7,50,00,000 and paid-up share capital is Rs, 4,87,45,550. That, the respondent-company is engaged in business activity of fabrication and erection of large storage tanks, pressure vessels, silos and small poised spherical vessels. 4. The applicant/petitioner has subm .....

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..... ding further, it is expedient to see whether authorisation is proper or not. 10. On perusal of the records it is found that the petition is filed by one Ms. Sneha Ranade on the basis of resolution passed by the board of directors of the operational creditor company on June 24, 2015, i. e., much before the Insolvency and Bankruptcy Code, 2016 came into force. 11. In this context, it is desirable to refer to the decision of Palogix Infrastructure P. Ltd. v. ICICI Bank Ltd. [2018] 1 Comp Cas-OL 140 (NCLAT) which is reproduced below (page 149) : "The I and B Code is a complete code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be d .....

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