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Order Passed under Sec 7
               By Hon’ble NCLT Chandigarh Bench
                                     IN THE NATIONAL COMPANY LAW TRIBUNAL
                                                  CHANDIGARH BENCH

                                            C.P. (I.B.) No. 47/7/NCLT/CHD/PB/2017


                                                   Decided On: 07.08.2017

                                Applicant: The Hongkong & Shanghai Banking Corporation Ltd.
                                                             Vs.
                                          Respondent: M/s Leeway Logistics Limited.

               Judges/Coram:
               Hon'ble Sh. R.P. Nagrath, Member Judicial.

               Counsels:
               For Appellant/Petitioner/Plaintiff: Ms. Neeru Bansal, Learned Advocate.

               For Respondents/Defendant: None.

                                                          ORDER


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

                   1.  This petition has been filed under Section 7 of Insolvency & Bankruptcy Code. 2016 (for short,

                       to be referred hereinafter as the 'Code) by the Financial Creditor in Form No.1 prescribed as per
                       rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016,
                       The petitioner is a banking company incorporated under the relevant laws of Hong Kong with

                       registered office at 1 Queens Road Central, Hong Kong and having India registered office at
                       Mumbai  and  Branch  Office  at  Gurgaon.  The  petitioner  had  granted  credit  facility  to  the
                       Corporate Debtor to the tune of t15 crones vide facility letters dated 08.092014 and 08.07.2015.


                   2.  The Respondent-Corporate Debtor authorised Mr. Sanjay Sinha, Managing Director andlor Ms.
                       Namita Sinha, Director of the company severally, to enter into agreement for obtaining credit

                       facility as per resolution dated 17.04.2014 (page-144 of Paper Book). The loan documents were
                       accordingly  executed  which  are  part  of  Annexure  A-3.  By  a  letter  dated  02.03.2016,  the

                       Corporate Debtor also admitted liability to the tune of t 4,21,90,3291- as on 29.02.2016. The
                       Corporate Debtor issued 15 cheques of different dates according to the schedule of payment.
                       When the matter was listed on 25.07.2017, learned counsel for the petitioner submitted that out

                       of 15 cheques, five cheques were encashed but rest of the 10 cheques bounced and copies of
                       bounced cheques are at page 217 to 226 of Paper Book for which the petitioner has sent notice





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