TaxTMI 
TaxTMI 
2020 (6) TMI 790
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....ection 7 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the IB Code"] read with Rule 4 of the insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016 (hereinafter referred to as "the Rules") for the purpose of initiating corporate insolvency resolution process (hereinafter referred to as "CIRP") against Silver Proteins Private Limited, the Respondent company, the Corporate Debtor. 2. Silver Proteins Private Limited, the Respondent, a company was incorporated under the provisions of the Companies Act, 1956 under the name and style of Silver Proteins Private Limited having its Registered Office at Opp: Wind Mill Godown, Bedi Bander Road, Bedeshwar Road, Jamnagar-361002. The Company is engaged i....
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....tgage of immovable property by deposit of title deeds and hypothecation of Movable Assets (Plant and Machinery, Raw Material and Goods lying at Godown /Factory premises ) of the Corporate Debtor. 8. The Petitioner submitted the following documents in support of his claim. * Copy of master data of the respondent company dated 23.08.2018 * Copy of loan application dated 29.09.2003, 10.06.2004 * Copy of sanction letter dated 17.12.2003, 28.06.2004, 13.12.2006, 29.01.2008, 19.03.2008, 13.01.2010 * Copy of demand promissory note dated 20.12.2008, 15.10.2004, 15.12.2006, 31.01.2008, 20.03.2008, 15.01.2010 * Copy of letter of waiver dated 20.12.2003, 15.10.2004, 15.12.20....
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....08 * Copy of audited report dated 31.07.2008 of respondent company for the year ended 31.03.2008,audit report date 15.06.2010 year ended 31.03.2010 * Copy of valuation report of the immovable property of respondent dated 17.02.2016 * Copy of valuation report of joint immovable property directors/guarantors dated 17.02.2016 * Copy of reply given by director/guarantor of respondent company to aforesaid notice dated 14.09.2015 * Copy of counter reply given by the petitioner bank dated 23.09.2015 * Copy of reply sent by advocate of respondent company datedl2.01.2017 * Copy of legal notice dated 26.12.2016 9. The Petitioner enclosed Statem....
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.... application is filed by Assistant General Manager and Principal Officer of the bank. He is authorized through General Power of Attorney issued on 27.09.2011. The General Power of Attorney is valid and in force. It is also stated by the counsel for the Applicant that the officer of the bank has been authorized to grant loan, recovery of the loan, to initiate the proceedings of CIRP against the person who has defaulted. In such case, the Corporate Debtor cannot plead that officer has power to sanction loan but such officer has no power to recover the loan amount or initiate corporate insolvency resolution process inspite of default by the Corporate Debtor. 16. The petitioner has filed a copy of permission letter dated 11.06.2018, to initi....
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....to emphasise that the application was not filed by duly authorized person. Some more technical issues were raised. We have considered these aspects and it is noticed that the Adjudicating Authority has taken every relevant factor into consideration. It found that the Form 1 was signed by the Chief Manager of the Financial Creditor who was the duly authorized person to file the same. Contention raised by Appellant that the power of attorney was executed prior to enactment of I & B Code and could not extend the authority to file application under section 7 of the IB Code is bereft of merit both in technique as also in substance. Once the authority was given, inter alia, to file litigation pertaining to recovery of the outstanding debt of the ....
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....ed hereunder shall follow in relation to the Respondent Corporate Debtor. (1) Subject to provisions of sub-Section (2) and (3), on the Insolvency Commencement date, the Adjudicating Authority herein declares moratorium for prohibiting all of the following viz;- (i) 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 of Law, Tribunal, Arbitration Panel or other Authority. (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor, any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enfor....