PUNJAB NATIONAL BANK Vs. A POWER HIMALAYAS LTD

JUDGEMENT

(1.) This petition has been filed by Punjab National Bank as a Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'code') in Form No.1 prescribed under Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating corporate insolvency resolution process against the respondent-corporate debtor.

(2.) The petitioner-bank was incorporated on 31.03.1970 under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its Head Office at Bikhaji Cama Place, New Delhi and the petition has been filed by the Branch Office of the Financial Creditor at Chandigarh through Mr. Rajesh Sharma, Senior Manager in whose favour the Bank has given a Power of Attorney dated 27.02.2014 Annexure-1. The Branch Head has Issued authority dated 02.08.2017 Annexure-2 in favour of Mr. Rajesh Sharma, Senior Manager of the Branch Office to file application before NCLT on behalf of the Bank.

(3.) When the matter was listed on 18.09.2017 the petitioner was directed to file specific authority granted by the competent authority to initiate the proceedings against the Corporate Debtor under the Code. With the compliance affidavit dated 28.09.2017 of Mr. Rajesh Sharma, Senior Manager filed letter dated 06.06.2017 issued by Deputy Circle Head of the Bank Annexure-88 that the Asstt. General Manager of the Branch Office of the Bank at Mohali Phase-1 is permitted to file the application under Section 7 of the Code before National Company Law Tribunal, Chandigarh. The Assistant General Manager, Mohali was also authorised to permit any of its Manager working under the branch to file and submit any other application, affidavit, or to receive notice and to pursue the case etc. on behalf of the Financial Creditor. In the same letter the Deputy Circle Head also authorised appointment of Mr.D.K.Gupta, Advocate, through whom the instant petition has been filed to represent the Financial Creditor before the Adjudicating Authority. This affidavit also states that the unit of the corporate debtor in question is running business of Hydro Power Stations and all kinds of activities related to power generation, distribution etc. since the year 1994.