# In the matter of State Bank of India Vs. M S Sriharsha, CP (IB) No.76/BB/2021

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-05470. The case involves an application filed by Shri Ravindra Beleyur, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-05470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/state-bank-of-india-vs-m-s-sriharsha-cp-0821e08d

## Summary

### Background

The case involves an application filed by Shri Ravindra Beleyur, the Resolution Professional (RP) of the Personal Guarantor, M.S.Sriharsha, seeking to take on record the report of the meeting of creditors and reject the repayment plan.

## Facts

An application under Section 95(1) of the IBC, 2016 was admitted against Sri. M.S.Sriharsha, the Personal Guarantor, on 29.03.2022.

State Bank of India extended credit facilities to the Corporate Debtor M/s, Sura Leathers Pvt. Ltd.

Sri Hem Chandra was initially appointed as the Resolution Professional but was later replaced by Shri Ravindra Beleyur.

The Applicant received claims from Deutsche Bank (Rs. 9,26,78,213) and State Bank of India (Rs. 76,38,73,026).

The first meeting of Creditors was convened on 8th September 2022, with adjourned meetings on 19th September 2022 and 14th October 2022.

The creditors unanimously rejected the revised repayment plan submitted by the Guarantor on 01st December 2022.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve or reject the repayment plan based on the report …

**Ratio:** Section 114(1) of the IBC, 2016 states that the Adjudicating Authority shall approve or

…

**Reasoning:** The creditors did not approve the Repayment

…

**Interpretation:** The Adjudicating Authority is bound to consider the report of the meeting of

…

**Application:** Since the creditors rejected the repayment plan, the Adjudicating Authority

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** RavindraB…
- **Respondents:** Sura Leathers…; M.S.Srih…
- **Other parties:** Deutsche…; State Bank of…; +1 more

## Timeline

- **2022-03-29 — Admission of Ap…**: Application under Section 95(1) of the IBC,…
- **2022-06-23 — RP Replac…**: Sri Hem Chandra replaced by Shri…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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