# The Chief Manager, Canara Bank vs. Mr. Kantipudi Venkata Raju

> NCLAT judgment dated 2025-07-08. Citation: TCN-2025-NCLAT-00297. The case involves a Company Appeal filed against an order passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLAT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/the-chief-manager-canara-bank-vs-mr-kantipudi-venkata-raju-rrkgwhc4

## Summary

### Background

The case involves a Company Appeal filed against an order passed by the Adjudicating Authority regarding the professional fee of the Interim Resolution Professional (IRP). The Corporate Debtor was admitted into CIRP proceedings following a Company Petition filed by the Operational Creditor, M/s. Tricon Energy (India) Pvt. Ltd. The Respondent No.1 was appointed as the IRP. The Respondent No.1 filed an Interlocutory Application seeking a sum of Rs.9,05,058/- towards fee and expenses incurred during his tenure as IRP. The Adjudicating Authority allowed the application, which was challenged by the Appellant (Canara Bank) in this Company Appeal.

## Facts

Canara Bank, the sole Financial Creditor, filed a Company Appeal.

Mr. Kantipudi Venkata Raju was the Erstwhile Interim Resolution Professional of S.V.K. Shipping Services Pvt. Ltd.

Respondent No.1 filed an Interlocutory Application for payment of his professional fees as an IRP.

The Corporate Debtor was admitted into CIRP proceedings on 13.05.2022.

The Adjudicating Authority ordered the Respondent No.1 be entitled to receive Rs.9,05,058/- towards fee and expenses.

The Appellant contended that the determination of the fee was contrary to the IBBI Regulations.

The Appellant argued that there was no ratification by the CoC for the IRP's fee.

The First CoC meeting was held on 09.06.2022.

The Second CoC meeting was held on 13.07.2022.

…

## Issues and analysis

### Issue 1: Whether the non-ratification of expenses and fees payable to the IRP is a valid ground for …

**Ratio:** Ratification becomes a precondition for conclusively determining the payability of the

…

**Reasoning:** The Learned Counsel for the Appellant submitted that, if a harmonious construction is to

…

**Interpretation:** The court interpreted Regulations 33 and 34 harmoniously, stating that

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**Application:** The court applied the definition of 'ratifies' in the context of determining

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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…; +1 more
- **Advocates:** M.L. Ga…; Sriram Venkatavara…

## Timeline

- **2022-05-13 — CIRP Proceedings…**: The Corporate Debtor was admitted to the CIRP Proceedings by an order dated 13.05.2022,…
- **2022-06-09 — First CoC M…**: First CoC meeting which…

## 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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