Ina Malhotra, Member - (1.) This petition has been filed by the Union Bank of India as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as a "Code"). They have prayed for initiation of Corporate Insolvency Resolution Process to be set in motion against the Respondent Corporate Debtor on grounds of its inability to pay its debt.
(2.) The applicant is a scheduled bank and a body corporate constituted under the provisions of the banking companies (acquisition and transfer of undertakings) Act, 1970, having branches all over India including one at 'India Exchange Place' Harestreet, Kolkata, West Bengal. The present application has been filed by a duly constituted attorney Shri Rajesh Kumar who has been authorized by the Power of Attorney issued under a Board Resolution for initiating Insolvency Proceedings.
(3.) As per averments, the respondent corporate debtor availed various credit facilities. By way of security and to ensure due repayment of the loans availed, the Corporate Debtor through its Director executed and delivered various documents including personal guarantees, Demand Promissory Notes, Deeds of Hypothecation etc. for the various term loans and another financial limits availed.;