2020 (3) TMI 1129

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....Adjudicating Authority) Rules, 2016 (for brevity "the Rules") by Corporation Bank (for brevity "financial creditor") through its authorized representative Mr. P. Y. Jakkareddy, who is duly authorized vide GPA dated March 1, 2001 with a prayer to initiate the corporate insolvency process against M/s. Sharma Kalypso P. Ltd. (for brevity "corporate debtor"). 2. The corporate debtor namely, M/s. Sharma Kalypso P. Ltd., is a company incorporated on April 9, 2009 under the provisions of the Companies Act, 1956 with CIN No. U45400DL2009PTC189270, having its registered office at 16-C Basant Lok, Vasant Vihar, New Delhi-110 057, as per the averments made by the petitioner. 3. The authorised share capital of the respondent-company is Rs. 10,00,....

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.... vency and Bankruptcy Code read with Form 1 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (iii) That it may be further noted that in the present case the application has been filed on the basis of an alleged power of attorney dated March 1, 2011 that is much prior to the enactment of the IBC, 2016 so therefore even assuming without admitting the fact that a power of attorney holder can file an application under section 7 of the IBC, 2016 then also the present application is not maintainable in the absence of their being any specific authorization to the person which is one of the pre-requisites under the I and B Code and the same being mandatory in nature. B. No financial debt is due ....

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....creditor, in its written submissions, has submitted that at the request of the corporate debtor, the loan account of the corporate debtor was restructured on March 31, 2015. Further, the financial creditor has placed reliance on the letter of undertaking/declaration from the borrowers/corporate debtor dated March 31, 2015 as an acknowledgment of debt by the corporate debtor. Further, the financial creditor has submitted that in terms of the RBI Guidelines on Income Recognition and Prudential Accounting Norms, the account of the corporate debtor was declared as non-performing asset (NPA) on March 31, 2017. 12. That further, the financial creditor has drawn attention of this Bench towards the letters (pages 346 to 362 of the petition Volum....

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....d succeeded in establishing a case for triggering the corporate insolvency resolution (CIR) process. The present petition being complete and having established the default in payment of the financial debt for the default amount being above Rs. 1,00,000, the petition is admitted in terms of section 7(5) of the IBC and accordingly, moratorium is declared in terms of section 14 of the Code. As a necessary consequence of the moratorium in terms of section 14(1)(a), (b), (c) and (d), the following prohibitions are imposed, which must be followed by all and sundry : "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court o....