2017 (11) TMI 841

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....uthority (National Company Law Tribunal) Chandigarh Bench, Chandigarh. By the impugned order, the application preferred by the respondent - Punjab National Bank (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I & B Code') has been admitted, order of moratorium has been declared, the case has been adjourned for appointment of Interim Resolution Professional and for further directions. 2. Learned counsel for the appellant while assailing the impugned order submitted that the application filed under Section 7 of the I & B Code is not maintainable as it was not filed by the authorised person of the Financial Creditor, but by a power of attorney holder. It was further submitted tha....

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.... (Part I) of Form No.1 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 of the aforementioned Form 1 also provides for the authorised person's detail is to be inserted and also includes inter alia the position of the authorised person in relation to the 'Financial Creditor'. Thus, it is clear that only an "authorised person" as distinct from "Power of Attorney Holder" can make an application under section 7 and required to state his position in relation to "Financial Creditor". 32. The 'I&B Code' is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the ....

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....al 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 10 of 'I&B Code'. 37. As per Entry 5 & 6 (Part I) 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 ha....