# In the matter of State Bank of India Vs. Basani Mar Reddy CP/IB/182/2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01473. The National Company Law Tribunal, Hyderabad Bench, convened a special bench via video…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-basani-mar-reddy-cpib1822021-0a7179a6

## Summary

### Background

The National Company Law Tribunal, Hyderabad Bench, convened a special bench via video conference to hear Company Petition IB/182/2021. The petition was filed under Section 95, with Basani Mar Reddy Reddy & Indu Projects Ltd. as the company, State Bank of India as the petitioner, and Basani Mar Reddy Reddy & Indu Projects Ltd. as the respondent.

## Facts

State Bank of India filed a petition against Basani Mar Reddy Reddy & Indu Projects Ltd. under Section 95 of an unspecified act. The NCLT Hyderabad bench heard the matter via video conference. The petitioner proposed Mr. Kasi Srinivas as the Resolution Professional, and the tribunal appointed him. The tribunal directed the petitioner to serve notice to the respondent via speed post and email, with proof of service required within two weeks. An interim moratorium was imposed, staying legal actions and prohibiting creditors from initiating new actions against the debtor. The matter was adjourned to 2021-09-24.

## Issues and analysis

### Issue 1: Whether the petitioner should be …

**Ratio:** The principle of natural justice requires that all parties to a dispute must be given

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**Reasoning:** The court directed the petitioner to serve notice to the respondent to ensure that the

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**Interpretation:** Serving notice is a fundamental requirement to ensure fairness and due process

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**Application:** The petitioner was directed to serve notice to Basani Mar Reddy Reddy &

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## Parties

- **Judges:** Madan B.…; Dr.Binod Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Basani Mar Reddy…

## Timeline

- **2021-08-04 — Hearing…**: The National Company Law Tribunal, Hyderabad Bench, held a hearing on 2021-08-04 at 12:30…
- **2021-09-24 — Adjournmen…**: The matter was…

## 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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