# In the matter of Chief Manager Canara Bank vs. Kantipudi Venkata Raju and Anr.

> NCLAT judgment dated 2025-07-08. Citation: TCN-2025-NCLAT-00406. The case involves a Company Appeal preferred by Canara Bank, the sole Financial Creditor,…

- **Court:** NCLAT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLAT-00406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/chief-manager-canara-bank-vs-kantipudi-venkata-raju-and-anr-042432ed

## Summary

### Background

The case involves a Company Appeal preferred by Canara Bank, the sole Financial Creditor, against the Corporate Debtor, S.V.K. Shipping Services Pvt. Ltd. The dispute concerns the professional fees claimed by Mr. Kantipudi Venkata Raju, the Erstwhile Interim Resolution Professional (IRP).

## Facts

Canara Bank, the sole Financial Creditor, filed a Company Appeal against the Corporate Debtor, S.V.K. Shipping Services Pvt. Ltd.

Mr. Kantipudi Venkata Raju served as the Erstwhile Interim Resolution Professional (IRP) for S.V.K. Shipping Services Pvt. Ltd.

Mr. Kantipudi Venkata Raju claimed Rs.9,05,058/- as fees and expenses incurred during his tenure as IRP.

The Adjudicating Authority ordered that Mr. Kantipudi Venkata Raju be paid Rs.9,05,058/- by the CoC.

Canara Bank argued that the IRP's fee was not ratified by the CoC as required by IBBI Regulations.

The 1st CoC meeting was held on 09.06.2022, and the 2nd CoC meeting was held on 13.07.2022.

…

## Issues and analysis

### Issue 1: Whether the determination of the IRP's fee by the Adjudicating Authority is contrary to IBBI …

**Ratio:** The regulations require the CoC to fix the expenses to be incurred by the resolution

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**Reasoning:** The Appellant argued that the IRP's fee was not ratified by the CoC as required by IBBI

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**Interpretation:** The Tribunal interpreted the regulations to mean that the CoC must ratify the

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**Application:** The Tribunal found that the issue of non-ratification of expenses and fees by

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** The Chief…
- **Respondents:** SVK Shipping…; Kantipudi Venkata…; +1 more
- **Other parties:** Canara…; M/s. Tricon…
- **Advocates:** M.L. Ga…; Sriram Venkatavara…

## Timeline

- **2022-05-13 — CIRP Proce…**: Corporate Debtor was admitted to the CIRP Proceedings by an order dated 13.05.2022, which…
- **2022-06-09 — 1st CoC M…**: The 1st CoC meeting was held on 09.06.2022, where the Financial Creditor consented to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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