ALLAHABAD BANK Vs. SUPREME TEX MART LIMITED

JUDGEMENT

(1.) This petition is filed by Allahabad Bank having its registered office at 2, Netaji Subhash Road, Kolkata through its branch office at Ludhiana. The petition has been filed by the Bank through Mr. B.V.P. Raju, Assistant Manager of the Branch at Ludhiana in whose favour the bank has executed Power of Attorney dated 31.01.2014 (Annexure A-1) .

(2.) When the matter was listed on 04.09.2017, it was noticed that there was no specific sanction granted in favour of Mr. B.V.P. Raju, Assistant General Manager to file the application under the Insolvency and Bankruptcy Code, 2016 (for short, hereinafter to be referred to as the 'Code') . CA No. 137/2017 was filed on 07.09.2017 with the affidavit of Mr. B.V.P. Raju, Assistant General Manager along with copy of sanction letter dated 19.06.2017 (Annexure A-26) issued by the Zonal Head of the Bank for initiating the insolvency resolution process against the respondent-Corporate Debtor. Annexure A-27 dated 19.06.2017 is the letter from the Zonal office to the Assistant General Manager of IFB Branch, Ludhiana intimating the sanction accorded by the Zonal Head and Annexure A-28 dated 19.06.2017 is letter of authority issued in favour of Mr. B.V.P. Raju for filing the petition against the respondent

(3.) This petition has been filed under Section 7 of the Code by the Financial Creditor in Form No. 1 as prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') .