9911796707
TMI Blog2023 (12) TMI 1172X X X X Extracts X X X X X X X X Extracts X X X X ..... n under the Companies Act, 1956 was a partnership firm viz M/s Cygnus Splendid and for its business purpose obtained Term Loan and Cash Credit Facility from Bank of Baroda by sanction letter dated 11.10.2012. (ii) After being incorporated as Registered Company, Bank of Baroda revised/ sanctioned existing credit facility in favour of Corporate Debtor on the terms and conditions as mentioned in the Sanctioned Letter dated 18.02.2014, which consisted Term Loan Facility for an amount of Rs.9,02,50,000/- payable to the Applicant on demand together with interest @ 3.75% above Base Rate of the Bank plus 0.15% tenor premium per annum with monthly rests or at such other rates as may prevail from time to time. Cash Credit (Hypothecation) facility was sanctioned for an amount of Rs.3,64,00,000/- payable on demand together with interest thereon @ 3.25% above Base Rate of the Bank per annum with monthly rests or at such rates as may prevail from time to time. (iii) The Corporate Debtor did not operate the account in accordance with banking norms and failed to maintain financial discipline and defaulted to pay the instalments of loan amounts as also the interest due thereon. The facility ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of Rs.3.61 crores already deposited. The Appellant communicated that they will not be able to increase the offer. The Bank on 18.12.2019 communicated that the said offer is not acceptable. Combined proposal by all the three companies for settlement was given on 21.09.2020 for Rs.8.00 crores. The Bank asked the Appellant to submit a revised proposal, the combined offer submitted by the Appellant and associate company was not accepted. (ix) A Commercial Suit No.28 of 2022 was filed by the Appellant along with associate companies, jointly before Commercial Court at Alipore for an amount of Rs.162.99 crores? (x) In OA No.615 of 2017, the Corporate Debtor has filed a counter-claim of Rs.45 crore on 24.09.2020. (xi) On 03.01.2023, the Bank of Baroda filed Section 7 Application being CP No.(IB)-39(ND)/2023. In the Application filed under Section 7 the aggregate amount of principal and interest defaulted to be paid by the Corporate Debtor was calculated as Rs.13,49,47,775.57/- and date of default was mentioned as 13.03.2017. The details and particular of the OA No.615 of 2017 filed by the Bank was also mentioned in the Application. Several other documents were filed by the Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Counsel for the Appellant submits that in all the three accounts i.e. Account of the Corporate Debtor as well as two sister companies total amount of Rs. 3,76,60,055/- has been deposited. 2. Learned Counsel for the Bank submits that Bank has communicated a Letter dated 17th August, 2023 to M/s. Cygnus Group of Companies that if the OTS Proposal is to be submitted in the future, they are requested to submit separate proposals for each account to their respective/concerned branches where the loan amount it repayable instead of submitting a combined proposal for all three accounts/companies. 3. Learned Counsel for the Appellant submits that Appellant was not aware of the Letter dated 17th August, 2023 and now in view of the Letter of the Bank, the Appellant proposes to submit a separate OTS Proposal with regard to corporate debtor and other two group companies. Appellant may submit OTS proposal within 10 days from today and the Bank thereafter within 10 days may consider the OTS Proposal. 4. Learned Counsel for the IRP is present and submits that he has constituted the Committee of Creditors on 16th August, 2023. 5. List this Appeal on 20th September, 2023. In the mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said submission, as a last opportunity, the matter was fixed for 04.12.2023. On 09.11.2023, following order was passed: "09.11.2023: Learned Counsel for the Appellant submits that Appellant is intending to improve the offer and Bank has indicated to meet after 14th November, 2023. 2. Learned Counsel for the Bank submits that they have no such instruction. 3. We have already granted time to the Appellant on 12.10.2023 to substantially improve the offer for OTS in the account for consideration of the same by the Competent Authority. We make it clear that this is a last opportunity being allowed to the Appellant for submitting an improved offer and it is for the bank to consider the same. 4. List this Appeal on 04th December, 2023. Interim Order to continue. This being last opportunity, no further time shall be allowed to the Appellant. In event, no settlement takes place, the matter shall finally be heard on merits. 5. Mr. Yash Karan Jain, Learned Counsel seeks liberty to file Vakalatnama during the course of the day. Prayer is allowed." 7. The Appeal came for hearing before the Tribunal on 04.12.2023, on which date learned Counsel for the Bank submitted that no settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to various Regulation of Information Utilities Regulation. 11. The learned Counsel for the Appellant has also in addition to above made other submissions in support of the Appeal. As noted above, learned Counsel for the Appellant has forwarded 13 points note containing 13 grounds by email dated 04.12.2023. To allay any apprehension on behalf of the Appellant, we proceed to notice the aforesaid note containing 13 grounds and proceed to consider the grounds raised in the note. It is suffice to extract the entire short note, which has been sent by the Appellant by email dated 14.12.2023 and to consider the same to allay any apprehension of the Appellant of non-consideration of its submission. The short note as sent by the learned Counsel for the Appellant is as follows: "SHORT NOTE MAIN PRAYER FOR 04-12-2023 : 1. The Hon'ble Tribunal may be pleased to issue notice on the appeal to Bank of Baroda, the respondent herein, who be directed to file a Reply to the Appeal by way of a specific and detailed Affidavit. 2. The impugned order be stayed. In the lesser-preferred alternative : the existing interim relief granted on 18-08-2023 be directed to continue (namely, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 cr (Sec. 7 IBC - Jan 2023) 0.14 cr - MS 28 45.00 cr - DRT 45.14 cr 2. S unway Infrastructure Services Ltd 4.34 cr (As on 13-11-2017 - OA 1206 of 2017) 114.03 cr 3. C ygnus Equipments & Rentals Ltd 8.45 cr (As on 25-10-2018 - OA No. 171 of 2017) 48.82 cr TOTAL 26.28 cr 207.99 cr i.e. ~ 8x > excess by 181.71 crs Note : Figure in column (3) is not any claim made by the bank in the Commercial Suit, but is what has been demanded by it from time to time. 3. NO COUNTER-CLAIM / SET-OFF FILED BY BANK IN COMMERCIAL SUIT : The bank has not filed any counterclaim, or claimed any set-off, in the Commercial Suit. Hence, it is barred from filing the IBC petition by virtue of Order II (Rule 2) of the CPC when read with Order VIII [Rule 6a(4)]. Not asking for a set-off on account of its own OA before DRT is undoubtedly in view of no reply to the counter-claim since July 2023. 4. MALICIOUS INITIATION OF IBC : The bank has only filed Section 7 against Company (a) above i.e. Cygnus Splendid Ltd, and not against Company (b) and (c) i.e. Sunway Infrastructure Services Ltd nor against Cygnus Equipments and Rentals Ltd, because those companies have huge demands i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor, to the extent of filing of a suit, will have no means of staving off a Section 7 petition at all, and all that a bank has to do to get a suit filed against it 'short-circuited' is to file a Section 7 petition, and get its own RP appointed, who will then bury the suit for the undue benefit of such Financial Creditor. 9. LEGAL CONUNDRUM : Since the RP is an appointee of the Financial Creditor, and if the IBC process is allowed to go forward, this means that the suit on behalf of the Corporate Debtor can only be prosecuted by him, which means that since all actions of the RP are dictated by the Financial Creditor, it is clear that no steps will be taken by the Financial Creditor to ensure that the RP diligently prosecutes the suit against his own nominator i.e. the same Financial Creditor. In fact, the very filing of the Section 7 petition constitutes 'criminal contempt of court' on the part of the bank, as the intent is to ensure that the Corporate Debtor cannot prosecute the suit against the bank. 10. LIMITATION : The Section 7 petition was barred by limitation. It was filed on 12-01-2023, whereas the 'date of default' accepted by NCLT (para 10) was 13-03-2017. But to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounter-claims under adjudication before a judicial authority (and not mere bluster or illusory claims). In any event, this letter was titled 'Without prejudice' and could not have been relied upon by NCLT - please see Peacock Plywood. 13. POWER OF ATTORNEY : The Financial Creditor had authorized one Nidhi Kumar through a Power of Attorney dated 01-09-2021 to act on its behalf, but Ms. Nidhi Kumar nominated Mr. Pawan Sharma to be true and lawful Attorney of the Financial Creditor. Thus, the Sec. 7 petition was not maintainable, not being filed by authorized representative of the Petitioner, for the reason that the Power of Attorney does not envisage the aforesaid Ms. Nidi Kumar delegating her own authority to her nominee, Mr. Pawa Sharma. Therefore, this is a classic case of delegatus non potest delegare. The Power of Attorney has been appended as Annexure MMM, Vol. 8, Pages 1501-1507. Therefore, on this ground also, the impugned order is a nullity in law, as NCLT has no jurisdiction to entertain and act on a petition filed by a person other than an authorised person." 12. The learned Counsel for the Bank opposing the submissions of learned Counsel for the Appellant submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (Information Utilities) Regulations, 2017 has been framed by the Board in exercise of the powers conferred under Sections 196, 209, 210, 211, 212, 213, 214, 215, 216 read with Section 240 of the Insolvency and Bankruptcy Code, 2016. Regulation 20 as amended w.e.f 14.06.2022 which is sheet anchor of the submission of the Appellant is as follows:- "20. Acceptance and receipt of information.- (1) An information utility shall accept information submitted by a user in Form C of the Schedule. [(1A) Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.] (2) On receipt of the information submitted under sub-regulation (1) [or sub regulation (1A), as the case may be], the information utility shall- (a) assign a unique identifier to the information, including records of debt; (b) acknowledge its receipt, and notify the user of- (i) the unique identifier of the information; (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor confirms the information of default, Or (b) Debtor does not respond even after three reminders Authenticated Green 2 Debtor disputes the information of default Disputed Red (4) After recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form of the relevant colour, as indicated in column (4) of the Tables 1 or 2, as the case may be, by issuing a record of default in Form D of the Schedule, to the registered users who are- (a) creditors of the debtor who has defaulted in payment of a debt; (b) parties and sureties, if any, to the debt in respect of which the information of default has been received.]" 18. When we look into the application under Section 7 which has been filed by the Financial Creditor under Section 7, Part-V deals with 'particulars of financial debt (documents, records and evidence of default)' which is following:- "PART V PARTICULARS OF FINANCIAL DEBT [DOCUMENTS, RECORDS AND EVIDENCE OF DEFAULT] 1 PARTICULARS OF SECURITY HELD, IF ANY, THE DATE OF ITS CREATION, ITS ESTIMATED VALUE AS PER THE CREDITOR. ATTACH A C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hundred And Seventy Four) due and payable at the time, along with further interest at contracted rates and other charges as applicable. That the Hon'ble Debt Recovery Tribunal, New Delhi was pleased to issue notice in the said OA and the OA is currently pending adjudication. 3. RECORD OF DEFAULT WITH THE INFORMATION UTILITY, IF ANY (ATTACH A COPY OF SUCH RECORD) 4. DETAILS SUCCESSION OF CERTIFICATE, OR PROBATE OF A WILL, OR LETTER OF ADMINISTRATION OR COURT DECREE (AS MAY BE APPLICABLE), UNDER INDIAN THE SUCCESSION ACT, 1925 (10 OF 1925) (ATTACH A COPY) NA 5. THE LATEST AND COMPLETE COPY OF FINANCIAL CONTRACT THE REFLECTING ALL AMENDMENTS AND WAIVERS TO DATE (ATTACH A COPY) The loan and security documents executed by the Corporate PY Debtor in favour of the Financial Creditor are annexed herewith as per the list of annexures/documents contained in entry at point 8 below. 6 A RECORD OF DEFAULT AS AVAILABLE WITH ANY CREDIT INFORMATION COMPANY (ATTACH A COPY) 7 COPIES ENTRIES OF A IN BANKERS BOOK IN ACCORDANCE WITH THE BANKERS BOOKS EVIDENCE ACT, 1891 (18 OF 1891) (ATTACH A COPY) S. No. Loan Account No. Loan Type Sanctioned Amount (Rs.) Outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted on account of non-filing of record of default with information utility is the question to be answered. 20. We need to look into the statutory scheme of the IBC, Rules and Regulations framed thereunder for answering the aforesaid question. Section 7 of the IBC deals with 'initiation of corporate insolvency resolution process by financial creditor'. Section 7(2) provides that Financial Creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. Sub-section (3) of Section 7 provides that the financial creditor shall, along with the application furnish record of the default recorded with the information utility or such other record or evidence of default as may be specified. Sub-sections (2) and (3) are as follows:- "7. Initiation of corporate insolvency resolution process by financial creditor. - ...............(2) The financial creditor shall make an application under subsection (1) in such form and manner and accompanied with such fee as may be prescribed. (3) The financial creditor shall, along with the application furnish - (a) record of the default recorded with the information utility or su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r transferee of a financial contract, the application shall be accompanied with a copy of the assignment or transfer agreement and other relevant documentation to demonstrate the assignment or transfer. (3) [The applicant shall serve a copy of the application to the registered office of the corporate debtor and to the Board, by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority.] (4) In case the application is made jointly by financial creditors, they may nominate one amongst them to act on their behalf." 24. Sub-Rule (1) of Rule 4 requires that the application under Section 7 in Form 1 is to be accompanied with documents and records required therein and as specified in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. We have already noticed Part-V of Form-1 'particulars of financial debt (documents, records and evidence of default)' in which application has to be filed by the Financial Creditor. 25. When we look into Part-V, it is clear that Item No.3 records of default with the information utility, if any, is mentioned and Item No.5, the latest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Court. The Hon'ble Supreme Court in "Swiss Ribbons (P) Ltd. v. Union of India, (2019) 4 SCC 17" while referring to information available with information utility has observed that there are other sources which evidences a financial debt. Paragraphs 54 and 55 of the judgment are as follows:- "54. It is clear from these sections that information in respect of debts incurred by financial debtors is easily available through information utilities which, under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (Information Utilities Regulations), are to satisfy themselves that information provided as to the debt is accurate. This is done by giving notice to the corporate debtor who then has an opportunity to correct such information. 55. Apart from the record maintained by such utility, Form I appended to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, makes it clear that the following are other sources which evidence a financial debt: (a) Particulars of security held, if any, the date of its creation, its estimated value as per the creditor; (b) Certificate of registration of charge issued by the Registr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons) Regulations, 2016. Thus, record of default recorded with the information utility is not the only document which has to be furnished by financial creditor. Financial creditor is at liberty to submit such other record of default as may be specified which is a statutory provision contained in Section 7. Further Regulation 2A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 clearly refers to provide for record or evidence of default by financial creditor. We have also noticed that the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 which are Rules framed by the Central Government provides for filing of the application under Section 7 in Form-1 and under Form-1, Part-V under 'particulars of financial debt (documents, records and evidence of default)', it is not only the record of default with information utility but other record of default has also been contemplated. We have noticed that Regulations framed by the Board as per Section 240(1) has to be consistent with provisions of the Code and the Rules. If Regulation 20(1A) is to be read as Regulation now mandating the Financial Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt before us that no information of default from the information utility have been filed, application deserves to be rejected was raised and dealt with by the Adjudicating Authority. It is useful to extract the following observations in paragraph 11 of the judgment of the Adjudicating Authority:- "...............As far as the plea of default being not recorded with the information utility is concerned, as can be seen from Section 7 (3)(a) of the IBC, 2016, along with the application, the Financial Creditor may furnish the record of default recorded with the information utility or such other or record or evidence of default as may be specified. Besides, as can be seen from Regulation 2A of IBBI (Insolvency Resolution Process for Corporate Persons Regulations), 2016, for the purpose of Clause (a) of sub-section 3 of Section 7 of the Code (ibid), the Financial Creditor may furnish a certified copy of entries in the relevant account in Banker's Book as evidence of default. In the present case, the Petitioner has enclosed the copies of the statement of account in respect of Account Nos. 05860600004851 and 05860500000127 along with the interest calculation sheet and Certificate und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheme of Sections 7 and 8, Hon'ble Supreme Court has observed that it is of no matter that the financial debt is disputed so long as the debt is 'due'. In paragraphs 29 and 30 of the judgment, following has been held:- "29. The scheme of Section 7 stands in contrast with the scheme under 9 Section 8 where an operational creditor is, on the occurrence of a default, to first deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned in sub-section (1), bring to the notice of the operational creditor the existence of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing-i.e. before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor gets out of the clutches of the Code. 30. On the other hand, as we have seen, in the case of a corporate debtor who commits a default of a financial debt, the adjudicating authority has merely to see the records of the informati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such counterclaims in other judicial fora. Form C dealing with submission of claims by financial creditors in the CIRP Regulations states thus........." 35. The mere fact that the Corporate Debtor has filed a counter claim and has also filed money suit cannot negate the existence of debt and default which was proved by the Financial Creditor by filing relevant materials before the Adjudicating Authority which included copies of entries in a bankers' book pertaining to both the loan accounts of the Corporate Debtor as well as the statement of account filed along with the Section 7 application. We, thus, do not find any substance in the submission of the Appellant that since the counter claim or money suit has been filed there is no debt. 36. Under Ground No.4, Appellant's claim that the bank has filed Section 7 application only against the Corporate Debtor and not against two other sisters' companies because those companies have huge demands in the Commercial Suit, which according to the Appellant is patently malicious. We have already noticed that before filing Section 7 application, the bank has already initiated proceedings under Section 13(2) and (4) of the SARFAESI Act, 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dited Balance Sheet for the year ending March 31, 2023. Mere filing of the suit when there is no adjudication in favour of the Corporate Debtor, it cannot be said that any liability has arisen which has to be reflected in the financial balance sheet of the year ending 31.03.2023. We have already taken the view that the plea of pre-existing dispute is not relevant with regard to financial debt when debt is due on the Corporate Debtor and he commits default. The submission of the Appellant that the plea of preexisting dispute which is applicable with regard to operational debt should also be applied on principle of priority with the financial creditor is totally against the statutory scheme as delineated by the Code. We do not find any substance in the submission. 41. Under Ground No.9 under the heading 'legal conundrum', the Appellant submits that since the Resolution Professional is an appointee of the Financial Creditor, and if the IBC process is allowed to go forward, this means that the suit on behalf of the Corporate Debtor can only be prosecuted by him, which means that since all actions of the Resolution Professional are dictated by the Financial Creditor, it is clear that n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor on 05.09.2019, 07.09.2019, 23.09.2019, 16.12.2019, 21.09.2020 and 03.11.2020 (collectively annexed herewith as Annexure A-5 (Colly)) iii. The Hon'ble Supreme Court of India vide its' order dated 10.01.2022 in SMW(C) No. 3 of 2020, excluded the period between 15 March 2020 to 28 February 2022 for the purpose of computing the period of limitation on account of the Covid-19 pandemic (order dated 10.01.2022 is annexed herewith as Annexure A-6) Workings for computation of amount and days of default are contained in the statements of accounts and the respective interest calculation sheets enclosed herewith. 44. It is well settled by the Hon'ble Supreme Court that any acknowledgment of liability by a Corporate Debtor is acknowledgment within the meaning of Section 18 of the Limitation Act. Hon'ble Supreme Court in "Dena Bank (Now Bank of Baroda) vs. C. Shivakumar Reddy and Anr- (2021) 10 SCC 330" laid down following in paragraph 139:- "139. Section 18 of the Limitation Act cannot also be construed with pedantic rigidity in relation to proceedings under the IBC. This Court sees no reason why an offer of one-time settlement of a live claim, made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Appellant has relied on paragraph 43 of the judgment which paragraph 43 of the judgment is as follows:- "43. In Phipson on Evidence, 16th Edn., pp. 655-57, it is stated: "Without prejudice privilege is seen as a form of privilege and usually treated as such. It does not, however, have the same attributes as the law of privilege. Privilege can be waived at the behest of the party entitled to the privilege. Without prejudice privilege can only normally be waived with the consent of both parties to the correspondence. Whilst the rule in privilege is 'once privileged, always privileged', the rule for without prejudice is less straightforward, and at least in three-party cases, this will not always be the position. A third distinction is that in the three- party situation, which is not governed by contract, without prejudice documents are only protected in circumstances where a public policy justification can be provided, namely, where the issue is whether admissions were made. That is not a principle applicable in the law of privilege. Fourthly, whereas legal professional privilege is a substantive right, without prejudice privilege is generally a rule of admissibility. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vely want any subsequent court to see the correspondence and always had in mind that it should be open correspondence. It may be a nice point whether negotiations at which no one mentioned the words 'without prejudice' should be admitted in evidence: for example at an early meeting between the parties when the dispute first developed. There is no easy rule here. On the other hand, even when a letter is sent as the 'opening shot' in negotiations, and is not preceded by any previous correspondence, it may be without prejudice. There are authorities in both directions on this and it will depend on the facts. It has been said that if one is seeking to change the basis of the correspondence from without prejudice to open it is incumbent on that person to make the change clear, although that may be more a pointer than a rule. There is no reason why every letter for which without prejudice is claimed should contain an offer or consideration of an offer, so long as the without prejudice correspondence is part of a body of negotiation correspondence." 47. Paragraph 43 of the judgment only extract Phipson on Evidence, 16th Edn. Pp. 655-57. Paragraph 43 does not contain a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) "83. Here, the [respondent], Mr Rashid was not offering any concession. On the contrary, he was seeking one in respect of an undisputed debt. Neither an offer of payment nor actual payment...." (emphasis in original) We, thus, find that the mere introduction of the words "without prejudice" have no significance and the debtor clearly acknowledged the debt even after action was initiated under the Act and even after payment of a smaller sum, the debtor has consistently refused to pay up." 48. The above judgment of the Hon'ble Supreme Court in "ITC Ltd. v. Blue Coast Hotels Ltd." (supra) fully covers the issue raised by the Appellant. There is clear acknowledgment of debt in various letters for One Time Settlement as given by the Appellant which was also pleaded categorically clearly in Section 7 Application. We have already noticed that in pursuance of One Time Settlement, amount of Rs.2 Crore is claimed to be deposited by the Appellant and other two companies those One Time settlement offers were clear acknowledgment of Corporate Debtor its liability and dues and showed his anxiety to settle the issue. We have already noticed various orders passed in this appeal at th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torney refers to Power of Attorney dated 01.09.2021 which empowers Nidhi Kumar to nominate, constitute and appoint. Following statement in Power of Attorney given by Nidhi Sharma is as follows:- "NOW KNOW YE AND THESE PRESENTS WITNESS that by virtue of the said Power to substitute contained in the said Power of Attorney dated 1st September 2021 for all or any of the Powers contained therein and enabling me, I hereby nominate, constitute and appoint Mr. Pawan Sharma, (EC No. 102555), now in the service of the Bank as Senior Manager at Zonal Stressed Asset Recovery Branch (ZOSARB), New Delhi and who has been identified for posting at Zonal Stressed Asset Recovery Branch (ZOSARB), New Delhi to be the true and lawful attorney of the Bank at New Delhi or any place or places in India (including Head office at Baroda) or at any other place or places abroad for and on behalf of the Bank and in the name of the Bank or in my name to do and perform all or any of the acts, matters, powers and things set out in the Schedule hereto which I am authorised to do and perform by virtue of the said Power of Attorney dated 1st September 2021 in the same manner and as effectively as the Bank or as I m ..... 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