The Central Bank of India initiated a corporate insolvency resolution process against Loyal Motors Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application. Sharad Gupta, a shareholder of Loyal Motors Private Limited, appealed the order, arguing that the application was not signed by an authorized person. The appellant claimed the power of attorney was given in 2003. The court found that the application in Form I was signed by the Senior Manager of Central Bank of India, who was empowered to grant loans and authorized to sign the application. Therefore, the court dismissed the appeal.

The Central Bank of India initiated a corporate insolvency resolution process against Loyal Motors Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application. Sharad Gupta, a shareholder of Loyal Motors Private Limited, appealed the order, arguing that the application was not signed by an authorized person. The appellant claimed the power of attorney was given in 2003. The court found that the application in Form I was signed by the Senior Manager of Central Bank of India, who was empowered to grant loans and authorized to sign the application. Therefore, the court dismissed the appeal.