- (1.) The Bench passes the following order as per Sub-Section (5) (ii) of Section 9 of Insolvency and Bankruptcy Code, 2016 (IBC) : Shri Avinash Desai, Learned Counsel for the Operational Creditor i.e., Sanghvi Movers Limited, made submissions and prayed for admission of the petition/application u/s 9 of IBC, 2016 against IVRCL Limited (Corporate Debtor) . Upon perusal of the documents/judgments, written submissions filed by the Operational Creditor and the Corporate Debtor, the Corporate Debtor has submitted that the demand notice dated 17.04.2017 was addressed by an Advocate without complying with the provisions of Section 8 of the IBC, 2016. The Corporate Debtor also pointed that there is no mention about authorisation issued to the said advocate by the Board of Directors of the petitioner/operational creditor, therefore, the application filed under Section 9 is not maintainable. In this connection, the respondents have relied upon the judgement of the Hon'ble National Company Law Appellate Tribunal in the matter of Ultam Galva Steels Limited Vs. DFDeutsche Forfail AG & another and judgment dated 17.07.2017 in the matter of Macquarie Bank Limited Vs. Uttam Galva Metallics Limited.
(2.) We have also carefully perused the written arguments filed on behalf of operational creditor dated 31.08.2017, wherein they have refuted the submissions of the corporate debtor and they have also submitted the judgments relied upon by them.
(3.) The Petitioner has submitted that the demand notice was issued by the advocate. in his capacity as a "retainer counsel" and as an authorised person to issue the 4 demand notice, in specific, the notice under Section 8 of the IBC on behall operational creditor. Mr. Abhijit Shripad Ashtoorkar, legal officer was It If authorised to act, appear represent the Company and follow up with the statutory/non-statutory authorities, courts and tribunal etc., Subsequently, by letter dated 10.04.2017, Executive Director and Chief Financial Officer of Sanghvi Movers Limited vide his letter of authority, by virtue of powers vested on him vide board resolution dated 25.05.2016 authorised Mr. Abhijit Shripad Ashtoorkar as the authorised representative/attorney to do the following acts and things in connection with initiation of corporate insolvency resolution process under Insolvency and Bankruptcy Code against IVRCL Limited before the NCLT, Hyderabad Bench.;