R.P.Nagrath, Member - (1.) This petition has been filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') to initiate insolvency resolution process against the respondent-corporate debtor.
(2.) The petitioner M/s Phoenix ARC Private Limited is a company registered under the Companies Act, 1956 on 20.06.2008 (though in the master data of the company it has been mentioned as 02.03.2007) and allotted CIN U67190MH2007PTC168303. The original lender in respect of the financial debt was Canara Bank which has assigned the debt in favour of the petitioner vide Registered Assignment Agreement dated 26.06.2014 Annexure-6. The petitioner thus claims to be financial creditor as an assignee falling within the scope of the definition given in Section 5(7) of the Code.
(3.) The Board of Directors of the 'financial creditor' passed resolution dated 20.09.2017 Annexure-1, authorising various officials of the company (13 in number) including Mr.K.B.Ajit, authorising them severally to represent the Company or the Trust, in any Court of Law (civil and/or criminal), Consumer Courts any Commissions, Forums & Tribunals including but not limited to Debt Recovery Tribunal, Debt Recovery Appellate Tribunal, Arbitration Tribunal, National Company Law Tribunal, National Company Law Appellate Tribunal, in connection with all legal proceedings including filing application or petition under the provisions of the Insolvency and Bankruptcy Code, 2016 and to do all the necessary acts in the progress of the matter. The instant petition has been filed in Form No.1 as prescribed in Rule 4(1) of the Rules. The contents of the application are supported by the affidavit of Mr.Ajit Kewin.;