Vijai Pratap Singh, Memmber - (1.) The petition is filed under Section 9 of the Insolvency and Bankruptcy Code 2016 but it appears from the records that the application has been filed by Shri Shyam Metaliks Private Limited, as a private non-government company, limited by shares, registered under the provisions of the Companies Act.
(2.) Petition has been filed on the basis of authorization letter which is in the form of affidavit which shows that Shri Anil Kumar Kedia son of Shri Shyam Sundar Kedia has filed affidavit as director of Shree Shyam Metaliks Private Limited and has stated in the affidavit that he is duly authorized by the aforementioned Operational Creditor to submit an application to the National Company Law Tribunal, Kolkata Bench at Kolkata to initiate corporate insolvency resolution process against Concast Steel & Power Limited under Section 9 of the Insolvency and Bankruptcy Code 2016.
(3.) It appears that the petitioner has not filed any Board Resolution of Shree Shyam Metaliks Private Limited. An affidavit given by a Director of the company cannot be construed as a Board Resolution. In terms of our order passed by ICICI Bank Vs. Palogix Infrastructure Pvt. Ltd., for initiation of corporate insolvency process, there should be proper and specific authorisation.;