Kuwer Singh vs Panjab National Bank & Anr

Kuwer Singh ....Appellant Vs. Punjab National Bank & Anr. ...Respondents For Appellant: Mr. Kumar Mihir, Advocate. For Respondents: None.

ORDER

(Through Virtual Mode)

16.12.2021: Heard Learned Counsel for the Appellant.

2. This Appeal has been filed against the judgment and order of the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, dated 20.02.2020 by which the Application filed by the Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) has been admitted and consequential order has been passed under Section 14 of the 'I&B Code'. The Appellant who is Ex-Director of the Corporate Debtor has filed this Appeal challenging the order.

3. Learned Counsel for the Appellant principally made only one submission i.e. authorization of Shri Purushottam Datt Sharma to file the Application was faulty and he had no right to represent the Bank under Section 7 Application. The above argument made by Learned Counsel for the Appellant was also pressed before the Adjudicating Authority which was answered in Paragraph 9 with following words:-

"...............After perusal of the power of attorney dated 18.02.1999, it is found that it clearly authorises Shri. 2

Purushottam Datt Sharma, by board resolution No.29 dated 27.10.1997 as an attorney for and on behalf of the bank and further applicant has also filed letter of authorization in favour of Mr. Purusottam Datt Sharma pursuant to the general power of attorney.

In view of above, this Adjudicating Authority find no infirmity whatsoever either in power of attorney or in the Authorization letter in favour of Mr. Purusottam Datt Sharma authorising him to sign and present the application under consideration before this Authority and, therefore, all the objections stand overruled."

4. The Adjudicating Authority found authorization to be proper and no defect was found in the Application under Section 7 filed by the Bank. We are in full agreement with the view expressed by the Adjudicating Authority rejecting the aforesaid objection regarding competent person to file the Application. There being Board Resolution No. 29 dated 27.10.1997 on which the Power of Attorney was issued, we do not find any substance in the submission of the Appellant. The Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Justice Jarat Kumar Jain] Member (Judicial)

[Dr. Alok Srivastava] Member (Technical) Anjali/nn

Comp. App. (AT) (Ins.) No. 1006 of 2021