Page 457 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Chandigarh Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
CHANDIGARH BENCH

C.P. (I.B.) No. 43/7/NCLT/CHD/PB/2017

Decided On: 04.08.2017

Applicant: Punjab National Bank
Vs.
Respondent: Concord Hospitality Pvt. Ltd.

Judges/Coram:
Hon'ble Sh. M.M. Kumar, C.J. (President) and R.P. Nagrath, J. (Member (J))

Counsels:
For Appellant/Petitioner/Plaintiff: Yogesh Goyal, Advocate for Gaurav Goel, Learned Advocate

For Respondents/Defendant: Ashok Gupta, Learned Advocate

ORDER

Hon'ble Sh. R.P. Nagrath, J. (Member (J)

1. The petitioner has also impleaded the directors and guarantors as respondents No. 2 to 9 in the Memo
of Parties, but being not necessary parties in the matter, their names are ordered to be struck off from

array of respondents.

2. Punjab National Bank the 'Financial-Creditor', a body corporate constituted under the Banking
Companies (Acquisition & Transfer of Undertakings Act. 1970) having its registered office at No. 7,

Bhikhaji Cama Place, New Delhi through its Branch Office at Amritsar has filed this application under
Section 7 of the Insolvency and Bankruptcy Code, 2016 (to be herein-after referred to as the Code) for
initiating the insolvency resolution process in respect of M/s. Concord Hospitality Pvt. Ltd. the

Respondent-Corporate Debtor. The application has been filed in Form No. 1 prescribed under rule 4(1) of
the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the

'Rules'). This petition has been filed through Ms. Richa Malhotra, Officer of the 'Financial Creditor' on
the basis of General Power of Attorney dated 17.05.2016 (Annexure A-1) issued in her favour by the
bank. The Circle Head of the bank also authorised Ms. Richa Malhotra for initiating the insolvency

resolution process under the 'Code' against the 'Corporate Debtor', vide letter dated 15.05.2017 (Annexure
A-2).

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