R P Nagrath, Member - (1.) This petition is filed for initiating the insolvency resolution process by the Financial-Creditor in terms of Section 7 of the Insolvency and Bankruptcy Code, 2016. The application has been filed in Form No. 1 as prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
(2.) Learned counsel for the applicant inter alia contends that all the documents related to creation of the charge including the charge with the Registrar of Companies, Bank Statements and the balance confirmation dated 01.10.2015 (Annexure A-6) have been relied upon. The bank started disbursing loan to the Corporate-Debtor from January, 2007 (Annexure A-3) . The petitioner filed the petition through Ms. Richa Malhotra, Officer of the petitioner on the basis of General Power of Attorney executed in her favour by the bank (Annexure A-1) dated 17.05.2016. The learned counsel for petitioner further refers to the authority letter dated 15.05.2017 issued in favour of Ms. Richa Malhotra air" (Annexure A-2) , by the Circle Head authorising her to initiate the insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
(3.) Learned counsel further contends that due to the defaults committed by the Corporate-Debtor recall notice dated 31.01.2017 (Annexure A-4) was also sent to the Corporate-Debtor and all its Directors and others by Registered Posts and the Acknowledgement Dues. The copies of Postal Receipts in token of the despatch of notices are part of Annexure A-4 (colly) . The registered office of the Respondent/Corporate-Debtor is stated to be situated at Amritsar. The learned counsel for applicant submits that there was a default of debt for about Rs. 13,34,38,741.78 by the corporate debtor. Written communication in Form No.2 has been filed by Mr. Navneet Gupta, proposed IRP which seems to be proper.;