# In the matter of Rajvir Industries Ltd. CP (IB) No. 248/2021

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00951. The case pertains to a Company Petition (IB/248/2021) filed against Rajvir Industries Ltd. The…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rajvir-industries-ltd-cp-ib-no-2482021-feb46379

## Summary

### Background

The case pertains to a Company Petition (IB/248/2021) filed against Rajvir Industries Ltd. The Central Bank of India is the petitioner, along with Aarti Agarwal & Rajvir Industries Ltd. The petition is filed under Section 95 of the IBC (Insolvency and Bankruptcy Code).

## Facts

Central Bank of India, along with Aarti Agarwal & Rajvir Industries Ltd, filed a Company Petition (IB/248/2021) against Rajvir Industries Ltd under Section 95 of the IBC. The respondents requested time to file a counter. The petitioner proposed Dr. Kondapalli Venkat Srinivas as the Resolution Professional. The court verified that Dr. Srinivas's name is in the IBBI database. The court then appointed Dr. Srinivas as the Interim Resolution Professional and imposed an interim moratorium. The matter was adjourned to 17.11.2021. The IRP is required to file a report within 10 days.

## Issues and analysis

### Issue 1: Whether Dr. Kondapalli Venkat Srinivas should be …

**Ratio:** The court has the power to appoint an Interim Resolution Professional based on the

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**Reasoning:** The court reasoned that since Dr. Kondapalli Venkat Srinivas's name appeared in the

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**Interpretation:** This interprets the IBC provisions regarding the appointment of IRPs,

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**Application:** The court applied this ratio by verifying Dr. Srinivas's presence in the IBBI

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Central Bank of…
- **Respondents:** Rajvir Industries…

## Timeline

- **2021-09-29 — Hearing…**: Hearing held on…
- **N/A — Filing of C…**: Respondents sought time to file…

## Legal provisions

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

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