IN RE Vs. PUNJAB NATIONAL BANK AND ORS

JUDGEMENT

(1.) This application is filed by Punjab National Bank, a body corporate, constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, the Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as 'the Code') read with rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 (for brevity 'the Rules') against the Corporate Debtor for having defaulted in making payment of the financial debt. The application has been filed through Shri Shambunath Gupta, Assistant General Manager, Branch Office ARMB. Sector 17, Chandigarh, who is authorised to file this application vide power of attorney dated 15.02.1995, copy of which is at Annexure 1. The competent authority has also permitted the filing of the application vide letter dated 30.03.2017 Annexure 2

(2.) The application has been filed in Form No. 1 of the Rules as required by Rule 4(1) of the Rules The instant application has been filed exactly in terms of format in Form No. 1, which is in five parts providing the necessary information. Under sub-rule (3) of rule 4 of the Rules, the petitioner is required to despatch copy of Application filed to Adjudicating Authority through the registered post or speed post to the registered office of the Corporate Debtor. The petitioner attached the postal receipt dated 05 04.2017 of despatch of the application.

(3.) The matter was listed for the first time before us on 07.04.2017 and on the said date, appearance was made by Mr. Anand Chhibbar learned Senior Advocate with Mr. Gaurav Mankotia, Advocate for the Corporate Debtor'. On 07.04.2017 the petitioner/Financial Creditor was directed to file an affidavit of despatch of the notice to the registered office of 'Corporate Debtor' and also furnish fresh synopsis of dates and events, as the date of CP number was left blank. This compliance was to be made by 13.04.2017 The said compliances were made by the petitioner-financial creditor. Copy of these documents were supplied to the learned counsel opposite.