2020 (4) TMI 150

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....l Member Rajat Bhardwaj, Adv. for the Appellant. ORDER 1. 'M/s.LIC Housing Finance Limited' ('Financial Creditor') filed an Application under section 7 of Insolvency and Bankruptcy Code, 2016 ("I & B" Code for short) for initiation of 'Corporate Insolvency Resolution Process' against 'M/s.Durha Vitrak Private Limited' ('Corporate Debtor). The Adjudicating Au....

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....ents to oppose the admission of the petition which are as under:- (1) The authorized representative of the Petitioner who had filed the present petition does not have the requisite power to initiate the resolution process under section 7 of the Code. There is no board resolution placed on record and in absence of the same the alleged authorized signatory cannot be said to be authorized to initia....

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....ajesh Narang ('Appellant herein) was not present on that date though, plea has been taken by one of the 'Shareholder' Director of the Corporate Debtor that none appeared for the Corporate Debtor. Accordingly, such plea is rejected. 5. On merit also, we find that the total amount sanctioned & disbursed in various tranches from 26-3-2016 to 13-2-2017 by the Financial Creditor and defaul....