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TMI Blog2018 (8) TMI 1988X X X X Extracts X X X X X X X X Extracts X X X X ..... y). 3. The default of debts is reported on 09.01.2015. 4. It is the case of the Petitioner Bank of India that it disbursed a loan amounting of Rs. 661.88 Crores (Rupees Six-Hundred Sixty-One Crores and Eighty- Eight Lakhs Only) to the Corporate Debtor Company in several intervals between the period from 2008 to 30th Mardh,2015 and a copy of the sanction of loan for above stated loans are annexed along with the present petition. 5. The bank has also given description of necessary particulars as prescribed in Form No. I(Sub Rule-I of Rule-4 of the I. B. Code) which is a prescribed form of the application to be made by a Financial Creditor to initiate Corporate Insolvency Resolution Process (CIRP in short) under the Code. 6. In support of its claim towards unpaid debts, the bank has furnished necessary particulars about its financial debts and loan documents, description of securities/ guarantees to secure the loan and report of default as prescribed in Part-Ill and Part-IV of the application. The financial Creditor Bank has further stated in the application that its Assistant General Manager, Shri Mohan Haripant Zingade is duly authorized for filing the present application as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng debt which is more than of Rupees One Lakh, comes to around Rs. 485 Crores and above. 12. The applicant bank, by filing the present petition has drawn our attention to an internal circular of date 02.12.2015 of the Reserve Bank of India; whereby, a it has directed concerned bank(s) being a Financial Creditor to declare such account as a Non-Performing Assets (NPA). It is evident that the Corporate Debtor Company has committed a default and its name finds place in the list of identified NPAs by the Reserve Bank of India in its internal circular dated 02.12.2015 (Which is addressed to the Managing Director of the Financial Creditor Banks). 13. Thus, thereby, the Reserve Bank of India has instructed to the Board of Directors of the Petitioner Bank for taking action to classify such account as a Non- Performing Asset and for further needful action. 14. After filing of the present 1B petition, a formal notice was issued to the Corporate Debtor Company through the applicant as well as by the Registry of this Bench. In response thereof, the Respondent Corporate Debtor Company made its appearance through Learned Counsel and filed a statement before this Bench which is duly notarised. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame by observing in Para-31 to 41 of the above referred judgement. Thus, settled the legal position in this respect, which, in our view is squarely applicable to the facts of the present case. The relevant portions of the above referred judgement for the sake of convenience are being reproduced here in below. 31. As per Section 7 of the "I&B Code' an application for initiation of 'Corporate Insolvency Resolution Process' requires to be filed by 'Financial Creditor' itself. The form and manner in which an application under section 7 of the I&B Code' is to be filed by a 'Financial Creditor' is provided in 'Form-1' of the Adjudicating Authority Rules. Upon perusal of the Adjudicating Authority Rules and Form-I, it may be duly noted that the 'I&B Code' and the Adjudicating Authority Rules recognize that a 'Financial Creditor' being a juristic person can only act through an "Authorised Representative". Entry 5 & 6 (Part 1) of Form No. 7 mandates the 'Financial Creditor' to submit "name and address of the person authorised to submit application on its behalf. The authorization letter is to be enclosed. The signature block ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor' / 'Operational Creditor'/ 'Corporate Applicant', mere use of word 'Power of Attorney' while delegating such power will not take away the authority of such officer and 'for all purposes it is to be treated as an 'authorization' by the 'Financial Creditor'/'OperationaI Creditor'/'Corporate Applicant' in favour of its officer, which can be delegated even by designation. In such case, officer delegated with power can claim to be the 'Authorized Representative' for the purpose of filing any application under section 7 or Section 9 or Section TO of "1&B Code'. 37. As per Entry 5 & 6 (Part l) of Form No.1, 'Authorised Representative' is required to write his name and address and position in relation to the 'Financial Creditor'/Bank. If there is any defect, in such case, an application under section 7 cannot be rejected and the applicant is to be granted seven days' time to produce the Board Resolution and remove the defect. 38. This apart, if an officer, such as senior Manager of a Bank has been authorised to grant loan, for recovery of loan or to initiate a proceeding for 'Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the Corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process. 21. Further, Shri Ramchandra Dallaram Chaudhary (Residing at 9-B, Vardan Tower, Nr. Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380 014, Email ID [email protected], Registration No. IBBI/ IPA-OOI/lPP00257/2017-18/10326) is hereby appointed as Interim Resolution Professional for the purpose of IRP under Section-16 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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