ICICI BANK LTD , Vs. PALOGIX INFRASTRUCTURE PRIVATE LTD ,

JUDGEMENT

(1.) The applicant being a Financial Creditor has filed this Company Petition under section 7 of the Insolvency and Bankruptcy Code 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process against the Corporate Debtor.

(2.) Brief facts of the case are such that the applicant ICICI Bank Ltd. (hereinafter referred to as the "Applicant") having Identification No.L65190GJ1994PLC021012 and registered office at "ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara- 390007 in the state of Gujarat and Mr. Srinjoy Bhattacharjee has got authorisation dated 20.10.2014 to file this petition. The applicant in its course of business has sanctioned a term loan of Rs.111 crores to the Corporate Debtor, Palogix Infrastructure Private Limited having identification no. U45201WB2007PTC162847 and out of which Rs.65,60,00,000/- was disbursed. The date of disbursement in parts has been given in the application. The applicant petitioner has stated that the amount in default as on 31st December2016 is Rs.32,21,97,699.06/-. The applicant petitioner has stated that the Corporate Debtor has committed first default on 26.06.2016, thereafter on 30.06.2016 regarding the term loan facility given to the Corporate Debtor. In the circumstances, the applicant, Financial Creditor has filed this application to initiate Corporate Insolvency Resolution Process under the Insolvency & Bankruptcy Code, 2016. The applicant petitioner has filed a copy of the Authorisation Letter and copy of notice under Exhibit "I".

(3.) The petitioner has also filed the specific Power of Attorney pertaining to initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, which was given to Shri Srinjoy Bhattacharjee and Shri Srinjoy Bhattacharjee has also filed an affidavit that he is the Authorised Representative of the applicant and he has verified that the application for initiating Corporate Resolution Process has been drafted under instructions and contents of the accompanying application are true and correct on the basis of information received by him. In this case, the petitioner has proposed the name of Smt. Mamata Binani, Room No.6, 4th floor, Commerce House, 2A, Ganesh Chandra Avenue, Kolkata - 700 013, E-mail:mamtabinani" gmail.com, Mobile no.9831099551 as Interim Resolution Professional and has annexed the consent letter of Shri Mamata Binani in form no.2.