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CIRP plea filed by promoter on basis of special POA authorizing him to sign plea was bad in eye of law

October 8, 2020[2020] 120 102 (NCLT - Ahd.)

IBC: Where one of promoter of corporate debtor filed application under section 10 on basis of special power of attorney executed in extraordinary general meeting authorizing said promoter to sign instant application, in view of fact that very power given in favour of said promoter was bad in eye of law as directors of corporate debtor were already disqualified and not eligible to conduct any meeting, further, no special resolution as provided under section 10(3)(c) was passed, also, instant application was filed to frustrate recovery proceedings initiated by financial creditors, therefore, instant application to initiate CIRP was to be dismissed

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