TMI Blog2020 (6) TMI 790X X X X Extracts X X X X X X X X Extracts X X X X ..... tition 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. - C.P. (IB) No. 554/7/NCLT/AHM/2018 - - - Dated:- 29-6-2020 - MANORAMA KUMARI, MEMBER (J) AND CHOCKLINGRAM THIRUNAVUKKARASU, MEMBER (T) For the Appellant : Abhijit Joshi and For the Respondent : Khyati Punjabi, Learned Lawyers ORDER Chocklingram Thirunavukkarasu, Member (T) 1. Shri Shashi Bhushan Prasad Singh, Assistant General Manager of Central Bank of India, on behalf of the Petitioner/Financial Creditor Central Bank of India has filed this Petition under Section 7 of the Insolvency and Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Corporate Debtor. 8. The Petitioner submitted the following documents in support of his claim. Copy of master data of the respondent company dated 23.08.2018 Copy of loan application dated 29.09.2003, 10.06.2004 Copy of sanction letter dated 17.12.2003, 28.06.2004, 13.12.2006, 29.01.2008, 19.03.2008, 13.01.2010 Copy of demand promissory note dated 20.12.2008, 15.10.2004, 15.12.2006, 31.01.2008, 20.03.2008, 15.01.2010 Copy of letter of waiver dated 20.12.2003, 15.10.2004, 15.12.2006, 31.01.2008, 20.03.2008,15.01.2010 Copy of letter of interest dated 20.12.2003, 15.10.2004, 15.12.2006, 31.01.2008, 20.03.2008, 15.01.2010 Copy of hypo, agreement against goods dated 20.12.2003, 15.10.2004,15.12.2006,31.01.2008,15/01/2010 Copy of agreement of hypo. for book debts dated 31.01.2008, 15/01/2010 Copy of supplementary agreement dated 15.01.2010 Copy of packing credit facility dated 20.12.2003, 15.12.2006, 31.01.2008 Copy of guarantee agreement date 20.12.2003,15.10.2004, 15.10.2004, 15.12.2006, 15.12.2006, 31.01.2008, 31.01.2008, 20.03.2008, 20.03.2008, 15.01.2010, 15.01.2010 Copy of board's resolution of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sanction and therefore the account of the respondent company was allegedly classified by the Applicant Bank as NPA on 01.07.2015. 13. Heard the Learned Counsel for both sides. 14. The counsel for the Respondent submitted that the present petition is filed by the person based on Power of Attorney. It is submitted that the said application is filed by a person without authority. 15. In response to the same, Counsel for the Applicant has stated that 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. 16. The petitioner has filed a copy of permission letter dated 11.06.2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not in force on the date when the authority was given. Any interpretation to the contrary would be absurd . 20. In view of the above, the contention of the Respondent that the application was filed without authority is devoid of merits. 21. The second contention put forth by the Corporate Debtor is that the present petition is barred by limitation and not maintainable. 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. 22. The Petitioner has proposed the name of Mr. Shalabh Kumar Daga having Registration No. IBBI/IPA-001/IP-P00071/2017- 18/10157 to act as IRP under Section 13(l)(b) of the IB Code and written communication in Form-2 of IBIBI has been submitted by the proposed IRP. 23. From the documents placed on record, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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