Page 518 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Guwahati Bench
I.B. C. In case, this is insistent upon in every petition under the IBC, involving a Financial Creditor that

the petition be filed on the basis of a specific power of attorney on a Board's Resolution, it will defeat the
very purpose of the IBC Code; which is for speedy resolution of insolvency cases.

The facts of the outstanding loan and the defaults have been established by the petitioner as evidenced by
the records. The Ld. Counsel for the Corporate Debtor had not expressly denied these facts and as such
the petition deserves to be admitted.

In my view, the petition is to be admitted and the Interim Resolution Professional (IRP) may be appointed
as per section 16 of the Insolvency & Bankruptcy Code, 2016. The applicant may also proceed with the

compliance of section 13 and 14 of the IBC pertaining to declaration of moratorium and public
announcement.

The judgment of the Hon'ble High Courts referred to by Ld. Counsel for the Corporate Debtor
specifically deal with the winding up proceedings under the Companies Act only".

16. Following such divergence of opinions between the learned Members of NCLT, Kolkata, the
Hon'ble President, NCLT was pleased to constitute a special Bench to decide the aforesaid point over

which the learned Members of NCLT, Kolkata were in disagreement. For ready reference, the relevant
part of the letter dated 20.02.2017 from Registrar NCLT, New Delhi addressed to the Hon'ble Members is
reproduced below:

"I am directed to convey that Hon'ble President is pleased to constitute following Bench to decide the
matter regarding passing of different orders in Company Petition 37/2017 under section 7 of the
Insolvency & Bankruptcy Code 2016 by Shri Ojai Pratap Singh, Member (Judicial) and Shri S.

Vijaraghavan, Member (Technical) NCLT Kolkata.

NCLT, Special Bench at Guwahati.

Justice Shri P.K.Saikia, Member (Judicial)

17. This is how the present proceeding cropped up before NCLT, Guwahati Bench.

18. The counsel for the parties, I find, reiterated the arguments which had they advanced before the
learned members of the NCLT, Kolkata Bench. Mr R. Banerjee, learned Sr. Counsel for the financial

creditor, has vehemently contended that the power of attorney, under which one Shri Srinjoy
Bhattacharjee was constituted as attorney of ICICI Bank had given him unqualified and absolute power to

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