The appellant is a shareholder of M/s. Rishi Ganga Power Corporate Ltd. (Corporate Debtor). Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Adjudicating Authority. The appellant contended that the application was filed by a 'power of attorney holder' based on a power of attorney issued in 1989. The bank argued that its Assistant General Manager was authorized to file the application. The corporate debtor's account was declared Non-Performing Assets (NPA) in 2016, but a subsequent loan was sanctioned by the bank in 2017. The Adjudicating Authority admitted the application, leading to the appeal.

The appellant is a shareholder of M/s. Rishi Ganga Power Corporate Ltd. (Corporate Debtor). Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Adjudicating Authority. The appellant contended that the application was filed by a 'power of attorney holder' based on a power of attorney issued in 1989. The bank argued that its Assistant General Manager was authorized to file the application. The corporate debtor's account was declared Non-Performing Assets (NPA) in 2016, but a subsequent loan was sanctioned by the bank in 2017. The Adjudicating Authority admitted the application, leading to the appeal.