These are three connected Company Appeals (180/2025, 181/2025, 182/2025) that involve a common question of fact and law. The Appellants are challenging the appointment of the Resolution Professional (RP) under Section 97 of the I&B Code, 2016, arguing that the Adjudicating Authority should have directed the IBBI to nominate the RP instead of appointing the one proposed by the Financial Creditor. The appeals arise from orders passed by the NCLT Bengaluru in C.P. (IB) No.06/BB/2025, C.P. (IB) No.05/BB/2025 and No.04/BB/2025, respectively, initiating proceedings under Section 95 of the I&B Code, 2016, based on applications filed by the financial creditor, Karnataka Bank Ltd.
Mr. Sadananda Maiya, Mr. Sudarshan Maiya, and Mrs. Sunanda Maiya (the Appellants in Company Appeal (AT) (CH) (Ins) No. 180/2025, 181/2025 and 182/2025 respectively) are personal guarantors against whom insolvency proceedings were initiated under Section 95 of the I&B Code, 2016, by Karnataka Bank Ltd (the Financial Creditor). The Financial Creditor filed applications before the NCLT Bengaluru, seeking to initiate the Insolvency Resolution Process (IRP) against the Appellants. The NCLT appointed Mr. Balakrishnan Venkatachalam as the Resolution Professional (RP) under Section 97 of the I&B Code, 2016, based on the recommendation of the Financial Creditor. The Appellants challenged the appointment of the RP, arguing that the NCLT should have directed the IBBI to
…Sign in to view the parties.
NCLT Bengaluru passed the impugned order…
NCLAT dismissed the…
These are three connected Company Appeals (180/2025, 181/2025, 182/2025) that involve a common question of fact and law. The Appellants are challenging the appointment of the Resolution Professional (RP) under Section 97 of the I&B Code, 2016, arguing that the Adjudicating Authority should have directed the IBBI to nominate the RP instead of appointing the one proposed by the Financial Creditor. The appeals arise from orders passed by the NCLT Bengaluru in C.P. (IB) No.06/BB/2025, C.P. (IB) No.05/BB/2025 and No.04/BB/2025, respectively, initiating proceedings under Section 95 of the I&B Code, 2016, based on applications filed by the financial creditor, Karnataka Bank Ltd.
Mr. Sadananda Maiya, Mr. Sudarshan Maiya, and Mrs. Sunanda Maiya (the Appellants in Company Appeal (AT) (CH) (Ins) No. 180/2025, 181/2025 and 182/2025 respectively) are personal guarantors against whom insolvency proceedings were initiated under Section 95 of the I&B Code, 2016, by Karnataka Bank Ltd (the Financial Creditor). The Financial Creditor filed applications before the NCLT Bengaluru, seeking to initiate the Insolvency Resolution Process (IRP) against the Appellants. The NCLT appointed Mr. Balakrishnan Venkatachalam as the Resolution Professional (RP) under Section 97 of the I&B Code, 2016, based on the recommendation of the Financial Creditor. The Appellants challenged the appointment of the RP, arguing that the NCLT should have directed the IBBI to
…NCLT Bengaluru passed the impugned order…
NCLAT dismissed the…