# In the matter of State Bank of India Vs. M Laxmi Prasanna& Vishwa Infrastructure & Services Pvt Ltd, CP (IB)/309/95/HDB/2021

> NCLT judgment dated 2021-12-03. Citation: TCN-2021-NCLT-00265. The case involves a petition filed by the State Bank of India against M Laxmi Prasanna & Vishwa…

- **Court:** NCLT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLT-00265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-m-laxmi-prasanna-vishwa-infrastructure-services-pvt-ltd-c-f32e572b

## Summary

### Background

The case involves a petition filed by the State Bank of India against M Laxmi Prasanna & Vishwa Infrastructures And Services Pvt Ltd under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner requested the Tribunal to appoint an Interim Resolution Professional (IRP).

## Facts

State Bank of India filed a petition against M Laxmi Prasanna & Vishwa Infrastructures And Services Pvt Ltd under Section 95 of the IBC, 2016. The petitioner requested the appointment of an IRP. The Tribunal found Mr. Kiran Kumar Manikkwar suitable for the role as his name was present in the IBBI database. The order imposed an interim moratorium, staying legal actions against the debtor and preventing creditors from initiating new actions. The petitioner is responsible for the expenses incurred by the RP and must notify the respondent. The case was adjourned to 2022-01-12.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional (IRP) …

**Ratio:** The Tribunal has the power to appoint an IRP if deemed fit, especially if the proposed

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**Reasoning:** The Tribunal appointed Mr. Kiran Kumar Manikkwar as the IRP because his name appeared in

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**Interpretation:** This demonstrates the Tribunal's reliance on the IBBI database as a valid

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**Application:** The Tribunal applied this principle by verifying Mr. Manikkwar's presence in

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** M Laxmi Prasanna…

## Timeline

- **2021-12-03 — Hearing…**: Hearing held on 2021-12-03 at…
- **N/A — IRP Appoi…**: Mr. Kiran Kumar Manikkwar…

## 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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