# In the matter of Ushabai Agarwal and Rajvir Industries Ltd. CP (IB) No. 247-2021

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00952. The National Company Law Tribunal (NCLT), Hyderabad, is hearing a case under the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ushabai-agarwal-and-rajvir-industries-ltd-cp-ib-no-247-2021-2cff432f

## Summary

### Background

The National Company Law Tribunal (NCLT), Hyderabad, is hearing a case under the Insolvency and Bankruptcy Code (IBC). The Central Bank of India filed a Company Petition (IB/247/2021) against Rajvir Industries Ltd. The respondents sought time for filing a counter.

## Facts

The Central Bank of India initiated insolvency proceedings against Rajvir Industries Ltd by filing Company Petition IB/247/2021. The respondents requested time to file a counter. The petitioner proposed Dr. Kondapalli Venkat Srinivas as the Resolution Professional. The NCLT appointed Dr. Srinivas as the Interim Resolution Professional (IRP). An interim moratorium was imposed, preventing legal actions against the debtor and barring creditors from initiating new proceedings. The IRP is required to file a report within 10 days as per Section 99 of the IBC. The case was adjourned to 2021-11-17.

## Issues and analysis

### Issue 1: Whether Dr. Kondapalli Venkat Srinivas should be appointed as the Interim Resolution Professional …

**Ratio:** The NCLT has the authority to appoint an Interim Resolution Professional (IRP) based on

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**Reasoning:** The court appointed Dr. Kondapalli Venkat Srinivas as the IRP because his name appeared

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**Interpretation:** This demonstrates the NCLT's adherence to the procedural requirements of the

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**Application:** Dr. Srinivas was appointed as IRP for Rajvir Industries Ltd., initiating the

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## Parties

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

## Timeline

- **2021-09-29 — Hearing…**: Hearing held on…
- **N/A — Filing Co…**: Respondents sought time for…

## 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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