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TMI Blog2020 (12) TMI 1316X X X X Extracts X X X X X X X X Extracts X X X X ..... . Naveen Jain to sign and issue such demand notice. On perusal of the records it is also found that one Mr. Jatinder Kumar, claiming to be Director of the petitioner company, has signed the application (form 5), but no document is filed whereby Mr. Jatinder Kumar has been given authority to file such application. Thus, due to want of proper authorisation, supported with Board Resolution, demand notice and subsequent filing of the instant application is bad in the eye of law and is not maintainable. The agreement dated 10.11.2017 entered between the petitioner and respondent stipulates that (Clause No. 32), which read as; whether the termination of this Agreement by either party has been legitimate, the parties shall attempt to settle su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C098083. 3.The respondent/corporate debtor is a private limited company registered on 19.09.2010 under the provisions. Companies Act and having identification No. U24230DN2010PTC000338 and having registered office at Daman. Authorised share capital of the respondent company is ₹ 3,00,00,000/- and paid up share capital is ₹ 65,00,000/-. 4. The applicant/operational creditor has stated that an agreement was entered into on 10.11.2017 whereby the corporate debtor appointed the operational creditor as the clearing and forwarding agent on commission basis for the products distributed and marketed by the corporate debtor. That, in terms of the said agreement, the operational creditor was required to deposit with the corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of realisation. 6. It is further stated by the applicant that various emails and reminders were sent to the corporate debtor demanding payment for the services rendered, however, corporate debtor did not adhere to the agreement. Therefore, the operational creditor was compelled to issue demand notice. in form 3 dated 21.08.2019. That, instead of complying with the terms of the demand notice, undated reply was received by the operational creditor on 31.08.2019, therefore, this petition. 7. In support of its claim, the applicant has furnished copy of documents like: copy of the agreement dated 10.11.2017 (page 21-27), emails sent to the corporate debtor, demand notice dated 21.08.2019 (page 50-52), reply to demand notice (page 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the petitioner has not handed over the stock to the respondent. Findings: 10. Heard advocates appearing for both the sides and perused the documents annexed to the application/reply. 11. On perusal of the records it is found that the demand notice dated 21.08.2019 is issued by one Mr. Naveen Jain claiming to be Director of the applicant company. Demand notice, a pre-requisite under section 8 of the Insolvency Bankruptcy Code, 2016 for filing the petition under section 9, is signed and issued by Mr. Naveen Jain without any authority. On perusal of the record it is found that no document is filed by the applicant authorising Mr. Naveen Jain to sign and issue such demand notice. On perusal of the records it is also foun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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