Rajendra Narottamdas Sheth & Anr. vs. Chandra Prakash Jain & Anr, Civil Appeal No. 4222 of 2020
Application under section 7 of the IBC by the Power of Attorney holder of the financial creditor is maintainable
RELEVANT PARAGRAPH
12. In the present case, Mr. Praveen Kumar Gupta has been given general authorisation by the Bank with respect to all the business and affairs of the Bank, including commencement of legal proceedings before any court or tribunal with respect to any demand and filing of all necessary applications in this regard. Such authorisation, having been granted by way of a power of attorney pursuant to a resolution passed by the Bank’s board of directors on 06.12.2008, does not impair Mr. Gupta’s authority to file an application under Section 7 of the Code. It is therefore clear that the application has been filed by an authorised person on behalf of the Financial Creditor and the objection of the Appellants on the maintainability of the application on this ground is untenable.