9911796707
TMI Blog2022 (11) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 31.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench in C.P. (IB) No. 59/7/NCLT/AHM/2019, whereby and whereunder the Respondent herein filed Application under Section 7 of the IBC for initiation of Corporate Insolvency Resolution Process (for short CIRP) against the Corporate Debtor / Appellant - M/s Doshion Private Limited was allowed and appointed Mr. Ramchandra Dallaram Choudhary as IRP. 2. The facts giving rise to this Appeal are as follows: i) Doshion Private Limited herein is a private company incorporated under the provisions of the Companies Act, 1956 and is engaged in the business of manufacturing and supply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.08.2014 to Doshion Private Limited, which contained the terms and conditions of the restructured enhanced facility. The Respondent agreed to restructure the facility, the resources were released very late and were delayed by more than 9 months. The restructuring failed because Dena Bank, a member of the consortium failed to release the committed financial facilities agreed during the restructuring. iv) The cash flow of Doshion Private Limited was adjusted by Dena Bank from the revenue of Doshion Private Limited as 'Cut-Back' which also resulted in termination of many contracts. The Doshion Private Limited has suffered huge losses because of the slow decision making of the banks and non-synchronization amongst the consortium partners. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority on 03.09.2019 submitted that it contains a document purporting to be Minutes of a Meeting of the Board of Directors dated 14.08.2017 wherein it is stated that "Standard Operating Procedure (SOP) to be devised for NCLT/JLF cases". It is thus clear that no such SOP was devised as of 14.08.2017 and in this document, it is mentioned that the existing Delegation of Powers dated 07.08.2017 is to be modified, but no such Delegation of Powers has been produced. 6. It is further submitted that the Adjudicating Authority failed to consider the Affidavit dated 03.09.2019 wherein there is a letter alleged to have been issued pursuant to delegation of powers dated 23.11.2017 approved by the Board of Directors. However, no resolution dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pugned order at page 64 to 66 of the Appeal Paper Book submitted that the Adjudicating Authority considered the points raised by the Appellant regarding the fact that the Section 7 of the IBC was filed by the person who was not competent being AGM and have come to the conclusion that the AGM is competent to file the Application. 10. It is further submitted that the Committee of Creditors in its meeting have resolved to initiate liquidation of Corporate Debtor and accordingly Resolution Professional had filed the IA bearing No. 769/2021 under Section 31 of the IBC and the same is pending for consideration. As the CoC by applying its commercial wisdom, had already proposed liquidation of the Appellant Company, therefore, the present appeal h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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