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TMI Blog2018 (5) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... mon judgment. 2. Standard Chartered Bank Limited ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I&B Code") against 'Ruchi Soya Industries Limited' ('Corporate Debtor'). Another application under Section 7 of the 'I&B Code' was filed by 'DBS Bank Limited' ('Financial Creditor') against the same 'Corporate Debtor' i.e. 'Ruchi Soya Industries Limited'. Both the applications were heard together and disposed of by common impugned order dated 15th December, 2017. The application preferred by 'Financial Creditor' has been admitted, order of 'Moratorium' has been passed and 'Interim Resolution Professional' has been appointed. 3. The Appellant- Mr. Vijay Kumar Jain, Director and Shareholder of the 'Ruchi Soya Industries Limited' ('Corporate Debtor') have preferred these appeals against the common impugned order dated 15th December, 2017. 4. The main ground taken by the Appellant is that Mr. Pallav Sangal who filed the application under Section 7 of the 'I&B Code' (In Form-1) on behalf of Standard Chartered Bank Limited was not competent to file the application having not been authorised by the Board of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that he was not the authorised person to sign the application. 10. Learned Senior Counsel appearing on behalf of the Respondent- 'Standard Chartered Bank Limited' referred to the 'Power of Attorney' (authorisation letter) (Page 964-965) and submitted that Mr. Pallav Sangal was authorised to move the application. Relevant portion of the 'Power of Attorney' reads as follows: "POWER OF ATTORNEY We, Standard Chartered Bank ("the Bank"), being a company incorporated in England by Royal Charter, with reference number ZC18, and whose principal office is at 1 Basinghall Avenue, London, EC2V 5DD, do hereby appoint Pallav Sangal presently employed as Team Leader by Standard Chartered Bank to be our true and lawful attorney (the "Attorney") to sign or execute and deliver in our name and on our behalf any deed, agreement, instrument or other document and to do or perform any other action of any kind in connection with all or any of the following acts and things: (1) a) To act as Bank's nominee / "Authorized Representative" for the purposes of and as contemplated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the "Act") ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the above matters and to sign, give and deliver all mandates, vakalatnamas all such authorizations as may be necessary for the above purpose and to cancel the same at any time. g) represent the Bank fully in the above suits, actions, petitions and other proceedings in all courts, tribunals, forums or before any authority and to file all documents writings and deeds in connection therewith and to withdraw / take return of such documents, writings and deeds and to lead evidence for the above matters in all courts, tribunals, forums or before any authority. h) To file winding up company petition under Sections 272 of the Companies Act, 2013. [2] To do all such other things as may be considered incidental or conducive to the attachment of the above objects or any of them. We undertake to ratify and confirm any act or thing whatsoever that the Attorney shall do or lawfully cause to be done in the proper exercise of any power under this Power of Attorney and to indemnify the Attorney against all liabilities, costs and expenses incurred in the proper exercise of any power under this Power of Attorney. The authority of the Attorney under this Power of Attorney shall cease ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... struments and securities, whether to bearer or otherwise, and whether providing for the payment of money or the delivery of bullion or otherwise, and to make the same or any of them assignable free from equities. 3. To draw, make, accept, endorse, discount, negotiate, execute and issue bills of exchange, promissory notes, debentures and other negotiable or transferable instruments. 4. To discount, buy, sell, broke and deal in securities and investments of all kinds, bills of sale, bills of lading, coupons, draft, warrants, debentures, scrip and other instruments and securities whether transferable or negotiable or otherwise and to buy, sell, broke and deal in bullion and specie, to underwrite, subscribe for, guarantee the subscription of, purchase or otherwise acquire and sell, dispose of, issue on commission and deal in shares, stocks, funds, debentures, debenture stocks, bonds, securities, obligations and other investments, rights and interests of all kinds, to negotiate loans and advances, to effect credit guarantees or credit insurance, and to receive money, securities, title deeds, and other valuables on deposit or for safe custody or otherwise and to collect the transmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le by or against us and to give effectual receipts and discharges thereof. 12. To commence, prosecute and defend all actions, suits or legal proceedings whether civil or criminal including proceedings in bankruptcy and winding up of any persons, firms or companies, to make proof of debts on our behalf, vote and take part in all meetings and proceedings and to enforce by all lawful means any judgement, decree or order or to discontinue or abandon any proceedings. 13. To engage, employ and control in all respects employees, agents, officers, clerks, servants and independent contractors and others and to dismiss or terminate the services of such employees, agents, officers, clerks, servants and independent contractors whether engaged by you as Attorney or any other attorney or by the Court of Directors of the Bank or otherwise. 14. To act as representative of the Bank, to manage the activities of any representative offices of the Bank in India including but not limited to the maintenance of an establishment for the purpose of performing liaison and related services in connection with the business activities of the Bank, collecting information and carrying on preparatory and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of June 2013 by DBS BANK LTD., a company incorporated in the Republic of Singapore and having its registered office at 12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982 (hereinafter called the "Bank"). WHEREAS: (1) The Bank carries on business in the Republic of Singapore and has established branches in India and may establish additional branches in India (each a "Branch"). (2) The following are Branch staff: Name Passport No. PANKAJ JAIN L1705946 (hereinafter called "the Officer") (3) The Bank is desirous of conferring on the Officer the powers and authorities hereinafter contained. NOW THIS DEED WITNESSETH that the Bank hereby appoints the Officer, each of them acting singly, to be the true and lawful attorney of the Bank to act for the Bank at any Branch and on behalf of and for and in the name of the Bank or in his own name to do and perform all or any of the following acts and things in India, that is to say:- 1. To ask, demand, sue for, at law or in equity, recover, receive, enter upon, seize and take possession of, all lands, goods, chattels, stocks, funds, moneys, securities, real and personal estate and property of any d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor' is provided in 'Form-1' of the Adjudicating Authority Rules. Upon perusal of the Adjudicating Authority Rules and Form-1, it may be duly noted that the 'I&B Code' and the Adjudicating Authority Rules recognize that a 'Financial Creditor' being a juristic person can only act through an "Authorised Representative". Entry 5 & 6 (Part I) of Form No.1 mandates the 'Financial Creditor' to submit "name and address of the person authorised to submit application on its behalf". The authorization letter is to be enclosed. The signature block of the aforementioned Form 1 also provides for the authorised person's detail is to be inserted and also includes inter alia the position of the authorised person in relation to the 'Financial Creditor'. 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 prescribe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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