BANK OF INDIA Vs. VEGAN COLLOIDS LIMITED

JUDGEMENT

(1.) This petition has been filed by Bank of India as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') by moving application in Form 1 as prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules) to initiate the insolvency resolution process against the Respondent-Corporate Debtor.

(2.) The petitioner Bank is a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The petition was instituted by the Bank through its Branch Office in New Delhi. Mr.Pawan Kumar is the Chief Manager of the Branch through whom the instant petition has been filed. It is stated that vide resolution dated 20.02.2017 passed by the Board of Directors of the petitioner Bank, the General Managers were granted the authority to issue the power of attorneys in favour of the officers of the Bank with power to sub-delegate and accordingly Mr.Mrityunjay Kumar Gupta and Mr. Ravi Prakash Gupta have executed the power of attorney in favour of Pawan Kumar, Chief Manager of the Bank. The Board resolution of the Bank dated 20.02.2017 is at Annexure A-1 and the power of attorney dated 20.04.2017 is at Annexure A-2.

(3.) When the matter was listed on 13.09.2017, learned counsel for the petitioner Bank also contended that the power of attorney in favour of Pawan Kumar authorised him among other acts to initiate the insolvency and bankruptcy proceedings on behalf of the Bank. The petitioner also filed affidavit dated 27.09.2017 of one Vinod Kumar stating therein that copy of the complete set of petition under Section 7 of the Code was sent to the Corporate Debtor by speed post at its registered office. Copy of the postal receipt dated 19.09.2017 is attached at Annexure A-1 with which the track report of the postal department was also annexed with affidavit of service dated 27.09.2017 showing the delivery of the postal article to the Corporate Debtor on 22.09.2017. The aforesaid documents would comply with the requirement of sub-rule (3) of Rule 4 of the Rules.