# Kakaraparthi Kiran Kumar vs. Kammula Prabhakar Rao (Resolution Professional of SLS Power Corporation Limited)

> NCLT judgment dated 2026-08-14. Citation: TCN-2026-NCLT-00958. Mr. Kakaraparthi Kiran Kumar (Applicant) filed a claim as an Unsecured Financial Creditor for…

- **Court:** NCLT
- **Order date:** 14 Aug 2026
- **Citation:** TCN-2026-NCLT-00958
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/kakaraparthi-kiran-kumar-vs-kammula-prabhakar-rao-8rf66

## Summary

### Background

Mr. Kakaraparthi Kiran Kumar (Applicant) filed a claim as an Unsecured Financial Creditor for Rs. 74,70,80,806/- against SLS Power Corporation Limited (Corporate Debtor), based on Compulsorily Convertible Debentures (CCDs) assigned from IFCI Venture. His claim was initially admitted by the Interim Resolution Professional (IRP), and he was included in the Committee of Creditors (CoC) with an 8.86% voting share. Subsequently, based on a legal opinion and objections from Indian Renewable Energy Development Agency Limited (IREDA), the sole secured Financial Creditor, the Resolution Professional (RP) reclassified Mr. K. Kiran Kumar as an equity holder and excluded him from the CoC. The Applicant filed IA(IBC)/209/2026 to challenge this reclassification and seek

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## Facts

The Adjudicating Authority admitted SLS Power Corporation Limited (Corporate Debtor) into the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC on 07.04.2025.

Mr. Kammula Prabhakar Rao was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) on 16.05.2025.

The IRP made a public announcement on 13.04.2025, inviting claims from creditors by 25.04.2025.

Mr. Kakaraparthi Kiran Kumar (Applicant) filed a claim in Form-C on 25.04.2025 for Rs. 74,70,80,806/- as an Unsecured Financial Creditor.

The Applicant's claim was initially fully admitted by the IRP, and he was included in the Committee of Creditors (CoC) as an Unsecured Financial Creditor with an 8.86% voting share as on 13.05.2025.

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## Issues and analysis

### Issue 1: Whether the Compulsorily Convertible Debentures (CCDs) held by the Applicant constitute …

**Ratio:** Compulsorily Convertible Debentures (CCDs) that do not envisage repayment of the

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**Reasoning:** The NCLT relied on Supreme Court judgments (IFCI Ltd. v. Sutanu Sinha) and NCLAT

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**Interpretation:** The true nature of an instrument is determined by its contractual terms and the

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**Application:** In the present case, the CCDs subscribed by IFCI Venture (and subsequently

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## Parties

- **Judges:** KISHORE VEMULAPALL…; UMESH KUMAR…
- **Appellants:** Kakaraparthi…
- **Respondents:** SLS Power…; Kammula Prabhakar…
- **Other parties:** Indian Renewable…; Shri. Vemuru…; +13 more
- **Advocates:** Sarvani De…; G. Aniruth…; +1 more

## Timeline

- **2025-04-07 — CIRP Commen…**: The Adjudicating Authority admitted SLS Power Corporation Limited (Corporate Debtor) into…
- **2025-04-13 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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