ICICI Bank Limited, acting as the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Palogix Infrastructure Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The application was initially filed through a Power of Attorney (POA) holder. A Division Bench of the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) issued conflicting orders regarding the maintainability of the application filed through a POA holder. One member held it not maintainable, while the other held it maintainable because the POA was in favor of the Legal Manager. The matter was then referred to a larger bench to decide on the validity of filing the application under Section 7 of
…ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Palogix Infrastructure Private Limited, the Corporate Debtor. The application was filed through a Power of Attorney (POA) holder. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) initially passed two separate orders regarding the maintainability of the application filed through a POA holder. One order deemed it not maintainable, while the other found it maintainable. The case was then referred to a larger bench to determine whether a POA holder, authorized on 20/10/2014 to file suits and proceedings for recovery, could file an application for CIRP under
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Adjudicating Authority directed ICICI Bank to…
Adjudicating Authority admitted the…
ICICI Bank Limited, acting as the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Palogix Infrastructure Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The application was initially filed through a Power of Attorney (POA) holder. A Division Bench of the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) issued conflicting orders regarding the maintainability of the application filed through a POA holder. One member held it not maintainable, while the other held it maintainable because the POA was in favor of the Legal Manager. The matter was then referred to a larger bench to decide on the validity of filing the application under Section 7 of
…ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Palogix Infrastructure Private Limited, the Corporate Debtor. The application was filed through a Power of Attorney (POA) holder. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) initially passed two separate orders regarding the maintainability of the application filed through a POA holder. One order deemed it not maintainable, while the other found it maintainable. The case was then referred to a larger bench to determine whether a POA holder, authorized on 20/10/2014 to file suits and proceedings for recovery, could file an application for CIRP under
…Adjudicating Authority directed ICICI Bank to…
Adjudicating Authority admitted the…