Sharad Gupta vs Tajas Jatin Parikh, Irp

For Appellant : Mr. Lakshay Dhamija and Mr. Karan Gandhi, Advocates

For Respondent : Ms. Niti Jain and Ms. Richa, Advocates

ORDER

01.03.2019 The application under Section 7 of the Insolvency and

Bankruptcy Code, 2016 (for short, 'the I&B Code') filed by the Central Bank of

India (Respondent) for initiation of 'corporate insolvency resolution process'

against the 'Loyal Motors Private Limited' (Corporate Debtor) having admitted,

the appellant - shareholder of 'Corporate Debtor' has challenged the impugned

order dated 28th January, 2019 passed by the Adjudicating Authority (National

Company Law Tribunal), Mumbai Bench.

2. The main ground taken by the learned counsel for the appellant is that the

application under Section 7 of the I&B Code was not signed by authorised person

and the power of attorney was given in the year 2003. However, from the record

we find that the application in Form I was signed by the Senior Manager of

Central Bank of India. Such officer having empowered to grant loan is -2-

authorised to sign it. There is no ground to interfere as it cannot be held as

wrong authorisation.

We find no merit in the appeal. It is accordingly dismissed. No cost.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice Bansi Lal Bhat ] Member (Judicial)

/ns/gc/

Company Appeal (AT) (Insolvency) No. 207 of 2019