# In the matter of Damani Infracon Private Limited CP (IB) No. 1927-KB-2019

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-04763. Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-04763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/damani-infracon-private-limited-cp-ib-no-1927-kb-2019-1532f9c0

## Summary

### Background

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Damani Infracon Private Limited, the Corporate Debtor.

## Facts

Punjab National Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Damani Infracon Private Limited.

The Corporate Debtor was incorporated on 05.03.2007.

The Corporate Debtor is the Corporate Guarantor of Aristo Texcon Private Limited, the Principal Borrower.

The Financial Creditor disbursed a Cash Credit of Rs.9,00,00,000/- on 24 February 2015.

The account became a non-performing asset (NPA) on 31.03.2018, with the Date of Default on 12 April 2018 and 09 May 2018.

The Financial Creditor has proposed the name of Mr. Kanchan Dutta as the Interim Resolution Professional of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the authorization to …

**Ratio:** The Company Petition was filed by Mr. Upal Saha who has been authorized by a General

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**Reasoning:** The Adjudicating Authority found that the authorization was supported by a Board

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**Interpretation:** A General Power of Attorney supported by a Board resolution is sufficient

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**Application:** The Adjudicating Authority held that the Company Petition was maintainable

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Punjab National…
- **Respondents:** Damani Infracon…
- **Other parties:** Kanchan…; Aristo Texcon…
- **Advocates:** Ramesh Chandra…; Akash B…; +5 more

## Timeline

- **2019-11-11 — Petition…**: The present petition was filed on 11 November…
- **2022-04-26 — Order Res…**: Order reserved on: 26…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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