CORPORATION BANK Vs. AMTEK AUTO LIMITED

JUDGEMENT

(1.) This petition is filed by Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (for brevity 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short hereinafter to be referred to as the 'Code') read with rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules) for initiating the insolvency resolution process against the Respondent, a company registered under the Companies Act, 1956 with its Registered Office at Sohna, Gurgaon, in the state of Haryana having defaulted in making payment of the 'financial debt'. The matter, therefore, falls within the territorial jurisdiction of this Tribunal.

(2.) This application has been filed through Mr.Raveesha Nayak B.C., Assistant General Manager of the 'Financial Creditor' and presently the Branch Head of the 'Financial Creditor' at Delhi. The Bank has passed a circular resolution dated 24.06.2017 (Annexure-B) authorising the General Manager and a Deputy General Manager to execute Special Power of Attorney dated 26.06.2017 in favour of the Branch Head(s) / Branch Manager(s) to initiate Corporate Insolvency Resolution process under the Code'. The Special Power of Attorney in favour of Mr.Raveesha Nayak B.C. aforesaid is part of Annexure-B.

(3.) The 'Financial Creditor' has filed application in Form No.1 of the rules as prescribed under Rule 4(1) of the Rules and the contents of the application are supported by the affidavit of Mr.Raveesha Nayak B.C. aforesaid. This application has been filed in terms of format which is in V P) Ai parts for providing the necessary information.