BANK OF INDIA Vs. VEGAN COLLOIDS LTD

JUDGEMENT

(1.) It is inter alia contended that affidavit of Mr. Pawan Kumar, Chief Manager of the Financial Creditor has been filed in the instant petition and there is Power of Attorney in favour of Mr. Pawan Kumar among others who have been authorised to initiate insolvency and bankruptcy proceedings on behalf of the Bank. This petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by moving application in Form No.1 prescribed under Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner has also filed the statement of account of the respondent-corporate debtor duly certified under the Bankers Books Evidence Act, 1891. It is further contended that the account of the respondent was declared NPA on 30.08.2017. It is submitted that copy of the petition along with the entire Paper Book was sent at the registered office and other two addresses available of the corporate debtor on 22.08.2017. Learned counsel for the petitioner is directed to file Track Report of the Postal Department with regard to the delivery of the petition to the respondent by way of affidavit. Let the needful be done within ten days.

(2.) Notice of this petition be sent to the respondent-corporate debtor by Speed Post by collecting the same from Registry to show cause as to why this petition be not admitted for 09.10.2017. The compliance be made within three days and the petitioner shall file affidavit of service alongwith the postal receipt(s) and Track Report(s) of the Postal Department. It is also directed that copy of the petition be also sent at the e-mail address of the corporate debtor available on the master data and copy of the e-mail be also attached with the said affidavit. The compliance be made at least two days before the date fixed.