2018 (2) TMI 692

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....a scheduled bank and a body corporate constituted under the provisions of the banking companies (acquisition and transfer of undertakings) Act, 1970, having branches all over India including one at 'India Exchange Place' Harestreet, Kolkata, West Bengal. The present application has been filed by a duly constituted attorney Shri Rajesh Kumar who has been authorized by the Power of Attorney issued under a Board Resolution for initiating Insolvency Proceedings. 3. As per averments, the respondent corporate debtor availed various credit facilities. By way of security and to ensure due repayment of the loans availed, the Corporate Debtor through its Director executed and delivered various documents including personal guarantees, Demand Promisso....

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....n the required format and is duly annexed with the relevant documents. The Corporate Debtor failed to put up a defence despite opportunity granted. Initially appearance had been put in through Mr. Kuldip Mallik, Advocate who prayed for time to file the reply but thereafter none appeared on their behalf. 6. Given the facts of the case, this Bench is satisfied that the Corporate Debtor is in default of liquidating its debt. The financial creditor is therefore entitled to the prayer made. They have proposed the name of Mr. Pinaki Sircar, 31/7, N C Chawdhary Road, Kolkata-700042; Email: [email protected], Contact No.: 9830011159; IP Registration No.: IBBI/IPA-002/IP-N00063/2016-2017/10141 as the Insolvency Resolution Professional. The ....