2021 (9) TMI 1578

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....a Director and 50% Shareholder of both the Financial Creditor Companies i.e. Vision Infotel India Pvt. Ltd. and Vision Infracon India Pvt. Ltd. There is a deadlock in the Financial Creditor Company Mr. K Siva Rama Krishna Kancharla who holds remaining 50% share of the Financial Creditors Companies is a Managing Director and his wife holds 4% shareholding in the Respondent Company (Corporate Debtor). The Appellant has requested several times to Mr. K Siva Rama Krishna Kancharla to sign the board resolution to initiate legal proceedings against the Respondent Company but he refused to sign the Board Resolution. Ld. Adjudicating Authority has dismissed the Application under Section 7 of the IBC on the ground that no board resolution authorizin....

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....ports the impugned order. He submits that the Central Government (Ministry of Corporate Affairs) vide notification dated 27.02.2019 S. O. 1091 (E). Exercising power under sub-Section 1 of Section 7 of the IBC notified the persons who may file an application for initiating CIRP against a Corporate Debtor. In the notification at serial No. (iv) a person duly authorized by the Board of Directors of a Company is competent to file Petition under Section 7 of the IBC on behalf of the Financial Creditor. Ld. Sr. Counsel for the Respondent cited the Judgment of this Appellate Tribunal in the case of Palogix Infrastructure Pvt. Ltd. Vs. ICICI Bank Ltd. CA (AT) (Ins) No. 30 of 2017 in which this Tribunal has categorically held that a person duly auth....