# In the matter of Avasarala Venkateswara Rao vide CP(IB) No. 51-94-HDB-2021

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01738. The case involves a Company Petition/Application with the number CP (IB) No. 51/94/II018/2021.…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avasarala-venkateswara-rao-vide-cpib-no-51-94-hdb-2021-45c1113d

## Summary

### Background

The case involves a Company Petition/Application with the number CP (IB) No. 51/94/II018/2021. The petitioner appeared, but no one appeared for the respondent. The respondent's reply was not filed.

## Facts

The Company Petition/Application number is CP (IB) No. 51/94/II018/2021. The company involved is Servomax India Pvt Ltd. The petitioner is Avasarala Venkateswara Rao, and the respondent is State Bank of India & Servomax India Pvt Ltd. The petition is filed under Section 94. The petitioner's counsel appeared, but no one appeared for the respondent, and their reply was not filed. The petitioner suggested the name of an IRP, who was appointed by the court. The IRP was directed to file a report within ten days. An interim moratorium was issued under Section 96 of the IBC. The respondent was directed to file a reply within two weeks. The matter was adjourned to 26.08.2021.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional (IRP) should be appointed based on the petitioner's …

**Ratio:** The court has the discretion to appoint an IRP based on the circumstances and the need

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**Reasoning:** The court considered the petitioner's suggestion for an IRP and found it appropriate to

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**Interpretation:** The appointment of an IRP is a procedural step in the insolvency resolution

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**Application:** The court appointed the IRP as suggested by the petitioner, directing them to

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…; +1 more
- **Appellants:** Avasarala…
- **Respondents:** Servomax India…; State Bank of…

## Timeline

- **2021-07-15 — Hearing…**: Hearing held on 15.07.2021 at 10:30 AM.…
- **2021-08-26 — Adjournmen…**: Matter stands adjourned…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 96 — Interim- moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-96)

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