2017 (8) TMI 1488

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....peals as similar question has been raised they were heard together and disposed of by this common judgment. 2. Both the Appellant(s) -Corporate Debtor (s)' have challenged similar Order (s), both dated 23rd May 2017, passed by Adjudicating Authority (National Company Law Tribunal (Ahmedabad Bench) (hereinafter referred to as tribunal) in C. P. (IB) No. 18/7/NCLT/Ahm/2017 and C. P. (IB) No. 19/7/NCLT/Ahm/2017 , whereby and whereunder the applications preferred by Respondent / 'Financial Creditor' under Section 7 of the Insolvency & Bankruptcy Code, 2016 (herein referred to as I & B Code) for initiation of insolvency resolution process against Appellant (s)/ 'Corporate Debtors' have been admitted, Insolvency Resolution Professionals ha....

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.... service'. The Respondent, thereafter, sent notices to the Appellants by Speed Post (s) both on 12th May 2017(Annexure R-3 to the respective Appellants) intimating the Corporate Debtor (s) order passed by Ld. Adjudicating Authority, Ahmedabad Bench with further intimation that the case has been fixed. The report enclosed shows that the said notice (s) were received by the Appellants on 15th May 2017. 5. In view of the records enclosed by the Respondent, we hold that the rules of natural justice was followed before admitting the applications. 6. Next it was contended by Ld. Counsel for the Appellants' that the 'financial creditors', being a party to the consortium of bankers and having signed Inter-se Agreement on 21.2.2009, Re....

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.... as the second lead banks and all the Members shall act in the spirit of the consortium and all decisions should, as far as possible, be arrived at unanimously including those relating to sharing of ancillary business and drawings under different Facilities sanctioned to the Borrower. (b) The Members of the Consortium hereby agree to execute in favour of the Lead Bank and the second lead bank a power of attorney or other authorisation as may be deemed appropriate for constituting the Lead Bank and the Second Lead Bank as their true and lawful attorneys for them, in their name and on their behalf to do, execute and perform all acts, deeds and things as to the Lead Bank and the Second lead Bank may deem appropriate, necessary or expedient ....