BANK OF BARODA Vs. VARIA ALUMINIUM PVT LTD

JUDGEMENT

(1.) Bank of Baroda, through its Chief Manager, filed this Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) against Varia Aluminium Pvt.Ltd., with a request to initiate Corporate Insolvency Resolution Process treating it as 'Corporate Debtor'.

(2.) Bank of Baroda ]"BOB"] gave a General Power of Attorney to Mr. Mridul Misra, Chief Manager of BOB on 21st August, 2017 authorising Mr. Mridul Misra, Chief Managar to appear and represent the Bank in Courts of Law, Suits, arbitration or other proceedings relating to the BOB and sign pleadings, applications etc. Further, BOB by its Circular Resolution dated 14th July, 2017 authorised all Chief Managers of the BOB to file Applications, proceedings before the National Company Law Tribunal and the National Company Law Appellate Tribunal and to sign the papers, petition etc.

(3.) Bob sanctioned the following facilities to the Corporate Debtor, vide Sanction Letters dated 2nd January, 2012 read with Sanction Letter dated 3rd July, 2013;