R.P. Nagrath, J. - (1.) The petitioner has also impleaded the directors and guarantors as respondents No. 2 to 9 in the Memo of Parties, but being not necessary parties in the matter, their names are ordered to be struck off from array of respondents.
(2.) Punjab National Bank the 'Financial-Creditor', a body corporate constituted under the Banking Companies (Acquisition & Transfer of Undertakings Act. 1970) having its registered office at No. 7, Bhikhaji Cama Place, New Delhi through its Branch Office at Amritsar has filed this application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (to be herein-after referred to as the Code) for initiating the insolvency resolution process in respect of M/s. Concord Hospitality Pvt. Ltd. the Respondent-Corporate Debtor. The application has been filed in Form No. 1 prescribed under rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules'). This petition has been filed through Ms. Richa Malhotra, Officer of the 'Financial Creditor' on the basis of General Power of Attorney dated 17.05.2016 (Annexure A-1) issued in her favour by the bank. The Circle Head of the bank also authorised Ms. Richa Malhotra for initiating the insolvency resolution process under the 'Code' against the 'Corporate Debtor', vide letter dated 15.05.2017 (Annexure A-2).
(3.) 'Corporate-Debtor' was incorporated on 29.09.2005 having authorised share capital of Rs. 7,00,00,000/- (Rupees seven crores only) and paid up capital of Rs. 5,85,42,010/- (Rupees five crores eighty-five lacs forty-two thousand and ten only). It has been allotted CIN No. U55100PB2005PTC29009. The registered office of the 'Corporate-Debtor' is at Amritsar and thus the matter falls within the territorial jurisdiction of this Tribunal.;