R.P.Nagrath, Member - (1.) This petition has been filed by Punjab National Bank, constituted on 31.03.1970 under Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, having its registered office at Bhikaji Cama Place, New Delhi, through Mr.Viney Kumar Bhandari, Assistant General Manager of Branch at Industrial Area, Ludhiana. The petitioner Bank has executed power of attorney dated 30.12.1989 Annexure I/1 in favour of Mr.Viney Kumar Bhandari.
(2.) This petition has been filed by the Bank as a Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') with the application in Form No.1 as prescribed under rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') for initiating insolvency resolution process against the respondent-corporate debtor.
(3.) The respondent company was incorporated on 12.07.1996 and its present authorised and paid-up share capital is Rs. 29 crores. The Bank has annexed copy of Memorandum and Articles of Association of the company as at Annexure I/2. The respondent company has its registered office at Ludhiana and therefore, the matter falls within the territorial jurisdiction of this Tribunal.;