BANK OF INDIA Vs. OSIL EXPORTS LIMITED

JUDGEMENT

(1.) Learned counsel for the respondent has filed the copy of resolution of the Board of Directors of the respondent-corporate debtor authorising him to appear in this case, which he received by email. The same be taken on record. However, reply/objection to the petition has not been filed despite opportunity granted for the third time and it was made clear that no request for further adjournment shall be entertained. I now proceed to dispose of the matter.

(2.) This petition has been filed by the Bank of India, a financial creditor, with its Head Office, Oriental Building, Espanade Road, Mumbai through its Branch at Panipat. The petitioner Bank was incorporated on 07.09.1906 and has been allotted CIN number U99999MH1906PLC000243. The petition has been filed by the Bank through Mr.Ashwani Kumar, Assistant General Manager, Bank of India, SCO 181-182, 2nd Floor, Sector 17, Main Branch, Chandigarh, under whose jurisdiction, the Panipat Branch of the petitioner Bank is situated. Ashwani Kumar is authorised to file the application on the basis of the power of attorney dated 05.05.2009, copy of which is at Annexure A-1. The General Manager of the petitioner Bank has approved the initiation of insolvency resolution process against the respondent-corporate debtor vide letter dated 28.06.2017 as at page 52A of the paper book. With regard to the appointment of resolution professional, it was directed that the Zone should obtain quotations from three Resolution Professionals and put up the same in Joint Lenders Forum and upon confirmation from JLF put up at the Head Office.

(3.) In the meeting of the Joint Lenders Forum held on 24.07.2017, copy of which is at Annexure G5, it was resolved to appoint AAA Insolvency Professionals LLP, New Delhi as Insolvency Resolution Professional. The written communication dated 08.11.2017 in Form No.2 submitted along with the application is at page 30 of the paper book, furnished by Kanwal Goyal with registration number IBBI/IPA-002/IPN00007/ 2016-17/10007. Kanwal Goyal is from AAA Insolvency Resolution Professionals LLP, New Delhi. The proposed Insolvency Resolution Professional has given all the disclosures including the disclosure that there are no disciplinary proceedings pending against him and that he is currently serving as a resolution professional in only one proceedings. With regard to clause (vi), Kanwal Goyal has given further declaration dated 08.11.2017 and furnished his affidavit dated 08.11.2017 at page 34 of the petition in support of the contents of various paragraphs of the written communication in Form No.2. Having heard the learned counsel for the parties, the written communication in Form No.2 is found in order.