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TMI Blog2020 (2) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... letter dated 28-2-2013 (page No. 446) addressed to the respondent company approving sanction of bank's stand on final restructuring package under CDR mechanism . That, the said letter is stamped and signed by the respondent company as a token of acceptance of the terms and conditions laid down in the sanction letter/s. Further, the records reveal that from time to time the respondent has executed/entered into various documents acknowledging the debt. On perusal of the record it is also found that the respondent company has acknowledged the financial debt in the balance sheet as on 31-3-2017, statement of profit and loss for the year ended 31-3-2017, cash flow statement for the period ended 31-3-2017 and notes forming integral part of the balance sheet as on 31st March, 2017 (pages 733-738). This itself shows that the respondent company has acknowledged the debt in the year 2017. Since the application is filed on 21-8-2018, it is well within time. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. On perusal of record, it is he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term loans, working capital fund based limit etc., sanctioned/disbursed to the respondent as per the details annexed to the application at page Nos. 4-5. 5. The applicant has submitted copy of the following documents in support of their claim:- Sl. No. Particulars Page Nos. 1 Application by financial creditor for initiation of corporate insolvency against respondent company under section 7 of IBC 1-14 2 Detailed working for computation of disbursed amount and date of disbursement 15 3 Working for computation of amount of default, dates of defaults and days of defaults 16 4 Affidavit verifying the application 17-18 5 Power of attorney in favour of Mr. Ajay Kumar Tanwani, Chief Manager 19-38 6 Sanction letter dated 5-11-2008 46-55 7 Inter se consortium agreement dated 12th February, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 567-588 26 Recall/demand notice dated 25th March, 2015 under SARFAESI addressed to corporate debtor 589-597 27 Reply by corporate debtor dated 20-5-2015 to the recall/demand notice issued on 25-3-2015 598-604 28 Reply by the financial creditor dated 6-6-2015 to the objections raised by the corporate debtor dated 20-5-2015 605-608 29 Notice demanding possession of Secured Assets of the SARFAESI Act 609-611 30 Certified copy of statement of accounts of the corporate debtor as per the Bankers books Evidence Act along with IT certificate and certificate of interest 612-724 31 Copy of audited balance sheet of the corporate debtor for the year 2016-17 725-749 32 Copies of certificate issued by Registrar for the charge registered with Registrar of Companies 750-757 33 Copy of re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs documenting sanction, disbursement, working capital consortium agreement, joint and several deed of continuing guarantee filed by the applicant, CDR approval, master restructuring agreement, inter se agreement, recall/demand notice, reply of corporate debtor to the demand notice etc. to substantiate its claim. 10. On perusal of the records it is found that the applicant has placed on record (page No. 46) offer letter dated 5-11-2008, wherein it is categorically stated that the credit facilities offered to the corporate debtor are subject to the broad terms and conditions mentioned in Annexures - I II of the said letter. It is further stated in the said letter that notwithstanding anything to the contrary stated or suggested therein, the outstanding indebtedness, whether actual or contingent, under these facilities is subject to liquidation by you (respondent) on first demand by us (applicant) . 11. On perusal of the records it is found that the first and foremost objection raised by the respondent is that the application is barred by limitation. On perusal of the records it is found that the applicant bank has placed on record letter dated 28-2-2013 (page No. 446) addre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... power can claim to be the 'Authorised Representative' for the purpose of filing any application under section 7 or section 9 or section 10 of 'I B Code'. 14. A bare reading of Para No. 36 goes to show that a general authorisation made by 'Financial Creditor' or 'Operational Creditor' or 'Corporate Applicant' in favour of its officers to do needful in legal proceedings by and against the 'Financial Creditor'/'Operational Creditor'/'Corporate Applicant', is sufficient. It is further stated in Para 36 that mere use of word 'Power of Attorney' by delegating such power will not take away the authority of such officer and for all purposes it is to be treated as an 'authorization' by the 'Financial Creditor'/'Operational Creditor'/'Corporate Applicant' in favour of its officer, which can be delegated even by designation. It is further stated in Para 36 of the Judgment that, in case such officer delegated with power can claim to be the 'Authorised Representative' for the purpose of filing any application under section 7 or section 9 or section 10 of 'I B Code. 15. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etters. Therefore, the amount due to the Financial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble NCL - AT, in case of Innoventive Industries Ltd. v. ICICI Bank [2017] 142 SCL 11, this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary proceeding is pending against the proposed Insolvency Resolution Professional. 20. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant. On perusal of record and as also discussed above, it is held that there is existence of default and that the application under section 7(2) of the Code is also complete in all respect. 21. In the instant case, the documents produced by the Financial Creditor clearly establish the 'debt'. Section 13(2) Notice issued by the Financial Creditor clearly indicates that entire debt was recalled. There is a default on the part of the Corporate Debtor in payment of the 'financial debt'. 22. There is no dispute in the case ..... 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