TMI Blog2022 (11) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency) No. 296 of 2022 - - - Dated:- 7-11-2022 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Barun Mitra ] Member ( Technical ) For the Appellant : Ms. Vaishnavi Viswanathan , Advocate For the Respondent : Mr. Akshat Khare , Advocate JUDGMENT Justice Anant Bijay Singh ; The present Appeal has been filed by the Appellant under Section 61 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 31.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench in C.P. (IB) No. 59/7/NCLT/AHM/2019, whereby and whereunder the Respondent herein filed Application under Section 7 of the IBC for initiation of Corporate Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to restructure the financial assistance under the consortium finance by way of enhanced overall credit limit of Rs. 93.48 crores as per table in memo of Appeal. The said restructuring of financial assistance with enhanced limit was approved by the Board of Directors of the Doshion Private Limited by way of Board Resolution dated 26.08.2014. The Respondent Bank also issued a restructuring sanction letter dated 20.08.2014 to Doshion Private Limited, which contained the terms and conditions of the restructured enhanced facility. The Respondent agreed to restructure the facility, the resources were released very late and were delayed by more than 9 months. The restructuring failed because Dena Bank, a member of the consortium failed to releas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Assistant General Manager as an alleged Authorized Signatory of the Respondent Bank. However, no Board Resolution or letter of authority had been annexed along with the Insolvency Application authorizing the AGM to initiate corporate insolvency resolution process as envisaged by Section 7 of the IBC. 5. It is further submitted that the Appellant relying on the Affidavit filed by the Respondent before the Adjudicating Authority on 03.09.2019 submitted that it contains a document purporting to be Minutes of a Meeting of the Board of Directors dated 14.08.2017 wherein it is stated that Standard Operating Procedure (SOP) to be devised for NCLT/JLF cases . It is thus clear that no such SOP was devised as of 14.08.2017 and in this d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. VI at page 18 of the additional affidavit filed by the Appellant wherein column 4 which is reads as hereunder: 4 Filing of claim: (i) When the bank s exposure is less than Rs. 100 crore (ii) When the bank s exposure is Rs. 100 crore and above The claim to be checked by one more officer not below the rank of AGM. (i) DGM (ii) GM No 9. The Ld. Counsel for the Respondent while referring to para 9 of the impugned order at page 64 to 66 of the Appeal Paper Book submitted that the Adjudicating Authority considered the points raised by the Appellant regarding the fact that the Section 7 of the IBC was filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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