# In the matter of State Bank of India Vs. Y Padmaja & Vishwa Infrastructure & Services Pvt Ltd, CP (IB)/315/95/HDB/2021

> NCLT judgment dated 2021-12-03. Citation: TCN-2021-NCLT-00266. The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLT-00266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-y-padmaja-vishwa-infrastructure-services-pvt-ltd-cp-2f6d89e8

## Summary

### Background

The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The State Bank of India, as the petitioner, sought the appointment of an Interim Resolution Professional (IRP) against Y. Padmaja & Vishwa Infrastructures and Services Pvt Ltd, the respondent. The Tribunal considered the petitioner's request for appointing an IRP.

## Facts

State Bank of India filed a petition under Section 95 of the IBC, 2016 against Y. Padmaja & Vishwa Infrastructures and Services Pvt Ltd. The petitioner requested the Tribunal to appoint an Interim Resolution Professional (IRP). The Tribunal found the requested IRP, Mr. Kiran Kumar Manikkwar, suitable based on the IBBI database. Upon the appointment of the IRP, an interim moratorium was imposed as per Section 96 of the IBC, which stays any legal action or proceeding pending in respect of any debt. The petitioner is directed to serve notice to the respondent and provide a copy of the order to the appointed RP. The matter was adjourned to 12.01.2022.

## Issues and analysis

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

**Ratio:** The Tribunal has the authority to appoint an IRP based on the petitioner's request,

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**Reasoning:** The Tribunal considered the petitioner's request and verified the suitability of the

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**Interpretation:** This demonstrates the Tribunal's adherence to the process of appointing

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**Application:** The Tribunal applied its authority to appoint Mr. Kiran Kumar Manikkwar as the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** Y. Padmaja &…

## Timeline

- **2021-12-03 — Hearing…**: Hearing held on 03-12-2021 at…
- **2022-01-12 — Matter Adj…**: Matter stands adjourned…

## 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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