PUNJAB NATIONAL BANK Vs. DINESH POLYTUBES PVT LTD

JUDGEMENT

(1.) This petition has been filed by the Punjab National Bank under Section 7 of the 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') for initiating insolvency resolution process against the Respondent-Corporate Debtor. The application has been filed in Form No.1 of the Rules as prescribed under 4(1) of the Rules, giving the necessary particulars.

(2.) The petitioner Bank was incorporated on 31.03.1970 under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 with Head Office at 7, Bikhaji Cama Place, New Delhi and a Branch Office at MCB, Model Town, Hissar. The Respondent-Corporate Debtor was incorporated on 10.06.2009 as a company registered under Companies Act, 1956 and allotted CIN U25194HR2009PTC039191 with authorised share capital of Rs. 50 lacs and paid up capital of RS. 37 lacs. Copy of Memorandum and Articles of Association of the respondent are at Annexure A/3. The Registered Office of the corporate debtor is at Hissar, in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) The instant petition has been filed through Mr. Navdeep, Senior Manager of the Branch at Hissar in whose favour, the Bank has executed General Power of Attorney dated 05.11.2015 Annexure A-1. The competent authority vide letter dated 28.07.2017 Annexure A/2 has also accorded permission to the Branch Head to file the petition before NCLT under the Insolvency and Bankruptcy Code, 2016 against the Respondent-Corporate Debtor. Vide this letter Mr. R.S.Bhatia, Advocate has been authorised on behalf of the Bank to file this petition. The competent authority has also proposed the name of Mr.Jalesh Kumar Grover, Resolution Professional to act as Interim Resolution Professional.