# In the matter of State Bank of India Vs. Yerra Srinivas & Vishwa Infrastructure & Services Pvt Ltd, CP (IB)/316/95/HDB/2021

> NCLT judgment dated 2021-12-03. Citation: TCN-2021-NCLT-00271. The case involves State Bank of India as the petitioner and Yerra Srinivas Vishwa…

- **Court:** NCLT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLT-00271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-yerra-srinivas-vishwa-infrastructure-services-pvt-ltd-cp-f46c9adc

## Summary

### Background

The case involves State Bank of India as the petitioner and Yerra Srinivas Vishwa Infrastructures and Services Pvt Ltd as the respondent. The petitioner requested the Tribunal to appoint an Interim Resolution Professional (IRP).

## Facts

State Bank of India filed a petition against Yerra Srinivas Vishwa Infrastructures and Services Pvt Ltd. The petitioner requested the appointment of an IRP. The Tribunal appointed Mr. Kiran Kumar Manikkwar as the Resolution Professional, noting his presence in the IBBI database. An interim moratorium was imposed, preventing legal actions against the debtor and initiation of new actions by creditors, as per Section 96 of the IB Code, 2016. The petitioner is responsible for the expenses of the RP. The petitioner must notify the respondent via speed post and email, providing proof via affidavit. A copy of the order and application must be provided to the RP. The case was adjourned to January 12, 2022.

## Issues and analysis

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

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

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**Reasoning:** The Tribunal appointed Mr. Kiran Kumar Manikkwar as the Resolution Professional because

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**Interpretation:** This demonstrates the Tribunal's reliance on the IBBI database to ensure the

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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:** Yerra Srinivas…

## Timeline

- **2021-12-03 — Hearing…**: Hearing held at 10:30 AM…
- **2021-12-03 — Order Is…**: Order issued appointing Mr. Kiran Kumar Manikkwar as Resolution Professional and imposing…

## 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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