2022 (2) TMI 1174

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....r the Appellant : G. Sethu Rama Rao, Advocate For the Respondents : N. Meher Prasad, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This Application is filed seeking to declare that the Power of Attorney executed by Syndicate Bank shall not be enforced against the customers/borrowers of Canara Bank under the amalgamation scheme as the said Power of Attorney is invalid and void ab-....

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....f the power of Attorney executed by Syndicate Bank to initiate legal proceedings including insolvency against principal borrower/customer of erstwhile Syndicate Bank who enjoyed credit limits. The Canara Bank should not be construed that it shall make use of the power of attorney executed by Syndicate Bank. The Power of Attorney Mr. Vamsidhar Naidu has suppressed the material facts and abused the ....

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....s the Canara Bank. Clause-8 is as under: Clause-8 : "Unless otherwise expressly provided in this Scheme, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect, immediately before the commencement of this Scheme and to which Transferor Bank is a party or which are in favour of the Tra....