Page 82 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
12. It is already noticed in the preceding paras that the Corporate Debtor and the guarantors have also

issued facility wise revival letters for the purposes of limitation.

13. The Financial Creditor has also furnished details of facilities furnished to the Corporate Debtor

from time to time by attaching all sanction letters and facility agreements which have been placed on
record (pages 381 to 3131). The details of the security interest held by the Financial Creditor along with
ROC record has also been placed on record (from pages 193-372).

14. There are various documents placed on record establishing authority to file the application which
include authorization dated 16.06.2017 issued by the Chairman of the State Bank of India. It clearly states

that in pursuance of powers confer under Section 27 of the Bank of India Act, 1955 the Chairman
authorize all the officers on whom signing powers have been conferred vide the gazette Notification dated

27.03.1987 to sign applications, reply, affidavit, counter affidavit, sur rejoinder and generally all
pleadings and file applications for initiation of Corporate Insolvency Resolution Process before the
National Company Law Tribunal, under the provisions of IBC on behalf of the Bank or in connection

with any proceedings before Tribunal for or against the Bank under IBC. A reference has then be made to
Regulation 76 & 77 of the State Bank of India (General Regulations, 1955). Regulation 77 with regard to
signing the pleadings clearly stipulates that plaints, written statements, petitions and applications may be

signed and verified, affidavits may be sworn or affirmed, bonds may be signed, sealed and delivered, and
generally all other documents connected with legal proceedings may be made and completed on behalf of
the State Bank of India by the Chairman or by any officer or employee empowered by or under

Regulation 76 to sign documents for and on behalf of the State Bank. According to Regulation 76 the
managing directors (deputy managing director), the chief general manager and such other officers and

employees of the State Bank as may be authorized in this behalf by the Central Board or the Executive
Committee have been authorized to sign all documents, instruments, accounts, receipts etc. It is pertinent
to notice that a notification dated 27.03.1987 was issued (at page 51) authorising all officers in the Grade

of Senior Management Grade Skill-IV (SMGS-IV) and above to exercise the signing power to sign all
documents, instruments, accounts, receipts, letter and advices etc. connected with the current or
authorized business of the Bank in respect of all matters coming in discharge of functions of the posts

held for the time being. Accordingly, the present petition has been signed by one Mr. Akhilesh Kumar
who has been an officer in the SMGS-IV w.e.f. 27.06.2015. Therefore, it is established that the petition
has been filed by a person authorized in accordance with law. The affidavit and the vakalatnama have also

been signed by the aforesaid officer.

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