# In the matter of Rajit Mehra Vs. Punjab National Bank & Anr. CA (AT) No. 02-2018

> NCLAT judgment dated 2018-03-22. Citation: TCN-2018-NCLAT-00336. The appellant, a shareholder of M/s. Rishi Ganga Power Corporate Ltd. (Corporate Debtor),…

- **Court:** NCLAT
- **Order date:** 22 Mar 2018
- **Citation:** TCN-2018-NCLAT-00336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajit-mehra-vs-punjab-national-bank-anr-ca-089b0330

## Summary

### Background

The appellant, a shareholder of M/s. Rishi Ganga Power Corporate Ltd. (Corporate Debtor), filed an appeal against the order dated 25th January, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, Chandigarh. The Adjudicating Authority admitted the application preferred by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, passed an order of moratorium, and appointed an insolvency resolution professional.

## Facts

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.

## Issues and analysis

### Issue 1: Whether a 'Power of Attorney Holder' is competent to file an application on behalf of a 'Financial …

**Ratio:** A 'Power of Attorney Holder' is not competent to file an application on behalf of a

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**Reasoning:** The Appellate Tribunal relied on its previous decision in “Palogix Infrastructure Pvt.

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**Interpretation:** The interpretation of 'Authorized Representative' is crucial. The court

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**Application:** In this case, the application was filed by the Assistant General Manager of

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Rajit M…
- **Respondents:** Rishi Ganga Power…; Punjab National…
- **Advocates:** Sandeep…; Aakansha…; +1 more

## Timeline

- **2018-01-25 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, Chandigarh…
- **2018-03-22 — Appeal F…**: The appellant, a shareholder of M/s. Rishi Ganga Power Corporate Ltd. (Corporate Debtor),…

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