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TMI Blog2017 (11) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... d 5th November, 2015 the committee of Board of Directors empowered an officer of the Bank and delegated him power to move before a Court on behalf of the Bank, with power to do everything requisite for the purpose mentioned therein, including borrowing money from the Reserve Bank of India and financial institutions of big authorities in India and also to appear and take action on behalf of the Bank in any Court of original jurisdiction, court of appeal, revision, civil, criminal, revenue courts, tribunals and office/offices and to engage counsel on behalf of the Bank for such courts, tribunal and offices. In view of the aforesaid Board’s Resolution by letter dated 28th March, 2017 the Chief Manager, Branch Head, MCB Hisar was authorised to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional and for further directions. 2. Learned counsel for the appellant while assailing the impugned order submitted that the application filed under Section 7 of the I B Code is not maintainable as it was not filed by the authorised person of the Financial Creditor, but by a power of attorney holder. It was further submitted that there is no authorisation made by the Financial Creditor Punjab National Bank in favour of the person concerned who filed the application and the Adjudicating Authority failed to consider the fact that letter dated 28th March, 2017 issued by the Chief Manager, Punjab National Bank would not amount to sufficient authority to initiate the proceedings under Section 7 of the I B Code. 3. On the othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor . Thus, it is clear that only an authorised person as distinct from Power of Attorney Holder can make an application under section 7 and required to state his position in relation to Financial Creditor . 32. The I B Code is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. 33. Therefore, we hold that a Power of Attorney Holder is not competent to file an application on behalf of a Financial Creditor or Operational Creditor or Corporate Applicant . 5. In the said case of Palogix Infrastructure Private Limited (Supra), the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss and position in relation to the Financial Creditor /Bank. If there is any defect, in such case, an application under section 7 cannot be rejected and the applicant is to be granted seven days time to produce the Board Resolution and remove the defect. 38. This apart, if an officer, such as senior Manager of a Bank has been authorised to grant loan, for recovery of loan or to initiate a proceeding for Corporate Insolvency Resolution Process against the person who have taken loan, in such case the Corporate Debtor cannot plead that the officer has power to sanction loan, but such officer has no power to recover the loan amount or to initiate Corporate Insolvency Resolution Process , in spite of default of debt. 39. If a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, MCB Hisar was authorised to file petition before the Adjudicating Authority under Section 7 of the I B Code and named the IRP for appointment. From the application filed under Section 7 in Form 1 filed by the respondent Financial Creditor we find that the authorised officer of the Bank has signed the document. 7. In the aforesaid circumstances, as the case in hand is covered by the decision of this Appellate Tribunal in Palogix Infrastructure Private Limited (Supra) and as the Senior Manager of the Bank has filed the application under Section 7, we find no ground to interfere with the impugned order. 8. The appeal is accordingly dismissed, the order of admission of application under Section 7 is affirmed. However, in the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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