The case involves a petition filed by ICICI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Palogix Infrastructure Pvt. Ltd. The application was initially filed before the NCLT Kolkata Bench, where learned members expressed divergent views on the competence of the attorney holder, Sri Srinjoy Bhattacharjee, to initiate the proceedings based on the power of attorney. Due to this divergence, the Hon'ble President of NCLT constituted a special bench at Guwahati to decide on the matter.
ICICI Bank Ltd. sanctioned a term loan of Rs. 111 crores to Palogix Infrastructure Pvt. Ltd., with Rs. 65.60 crores disbursed. Palogix defaulted on repayments, with Rs. 32,21,97,699.06 outstanding as of 31.12.2016. The first default occurred on 26.06.2016. ICICI Bank, through its attorney Sri Srinjoy Bhattacharjee, filed an application under Section 7 of the IBC, 2016, read with Rule 4 of the Rules, 2016, registered as CP No. 37/2017. The power of attorney in question was executed on 20.10.2014. The NCLT Kolkata Bench expressed divergent views on the competence of the attorney holder to initiate the proceedings. The Corporate Debtor objected to the application, arguing that the attorney lacked the requisite power to initiate a resolution process under Section 7 of the
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ICICI Bank executed a…
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The case involves a petition filed by ICICI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Palogix Infrastructure Pvt. Ltd. The application was initially filed before the NCLT Kolkata Bench, where learned members expressed divergent views on the competence of the attorney holder, Sri Srinjoy Bhattacharjee, to initiate the proceedings based on the power of attorney. Due to this divergence, the Hon'ble President of NCLT constituted a special bench at Guwahati to decide on the matter.
ICICI Bank Ltd. sanctioned a term loan of Rs. 111 crores to Palogix Infrastructure Pvt. Ltd., with Rs. 65.60 crores disbursed. Palogix defaulted on repayments, with Rs. 32,21,97,699.06 outstanding as of 31.12.2016. The first default occurred on 26.06.2016. ICICI Bank, through its attorney Sri Srinjoy Bhattacharjee, filed an application under Section 7 of the IBC, 2016, read with Rule 4 of the Rules, 2016, registered as CP No. 37/2017. The power of attorney in question was executed on 20.10.2014. The NCLT Kolkata Bench expressed divergent views on the competence of the attorney holder to initiate the proceedings. The Corporate Debtor objected to the application, arguing that the attorney lacked the requisite power to initiate a resolution process under Section 7 of the
…ICICI Bank executed a…
Palogix Infrastructure…