2021 (5) TMI 308

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....after referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a partnership firm having registered office at Kolkata and having identification No. 202218003774 (435/435A) engaged in the business of supply of TMT bars. 3. The respondent/corporate debtor is a private limited company registered on 28.08.2010 under the provisions of Companies Act, 1956, having identification No. U45200GJ2010PTC062145 and having registered office at Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 65,00,000/- and paid up share capital is ....

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....on 8 of the I & B Code in form 3 dated 29th April, 2019 calling upon the corporate debtor to clear the operational debt which was replied by the respondent vide letter dated 27.05.2019. 7. In support of its claim, the operational creditor has annexed to the application documents like; affidavit in terms of Section 9(3)(b) of the IB Code, partnership deed of the operational creditor, PAN card, Adhar Card, authorisation letter of partner, computation of default, invoices raised by the operational creditor, ledger of the corporate debtor, bank statement, letter from the bank for dishonoured cheques, demand notice in form 3, reply received from the corporate debtor, written communication in form 2 from IRP etc. 8. The respondent filed affidav....

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....plication it is desirable to verify the validity of important documents. On perusal of the records it is found that the 'authority letter' (page 40) issued by other partners of the applicant firm authorising Mr. Anand Kumar Agarwal, to initiate CIRP against the respondent company, does not bear the 'date' of issuance of such a letter. Such an important document without date cannot be considered as a valid document as it is bad in the eye of law. As such, the demand notice dated 29.04.2019, which is a prerequisite for initiation of CIRP, issued by the applicant is invalid. 11. In Palogix Infrastructure, it is held that "there should be specific authorisation to the power of attorney holder to initiate CIRP under the Code. It....