# In the matter of Upendra Kumar Agarwal &  Rajvir Industries Ltd. CP (IB) No. 246-2021

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00953. The case pertains to a Company Petition filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/upendra-kumar-agarwal-rajvir-industries-ltd-cp-ib-no-246-2021-7d207edf

## Summary

### Background

The case pertains to a Company Petition filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The petitioner is Central Bank of India, and the respondent is Rajvir Industries Ltd. The hearing was conducted via video conference. The respondents requested time to file a counter, which was granted with a deadline of seven days.

## Facts

Central Bank of India filed a Company Petition against Rajvir Industries Ltd under Section 95 of the IBC. The court convened a hearing via video conference. The respondents requested time to file a counter-affidavit. The petitioner proposed Dr. Kondapalli Venkat Srinivas as the Interim Resolution Professional (IRP). The court appointed Dr. Srinivas as the IRP and imposed an interim moratorium, preventing legal actions against the debtor. The IRP is required to file a report within 10 days. The case was adjourned to 17.11.2021.

## 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 Dr. Kondapalli Venkat Srinivas's name appears on the current

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**Interpretation:** This involves interpreting the provisions related to the appointment of an IRP

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**Application:** The court applied the ratio by verifying Dr. Srinivas's registration with IBBI

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## Parties

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

## Timeline

- **2021-09-29 — Hearing…**: Hearing held on 29.09.2021 at…
- **N/A — Counter Filing…**: Respondents given seven…

## 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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