# In the matter of Badveli Sreedhara Reddy, CP (IB) No. 75/2021

> NCLT judgment dated 2022-08-30. Citation: TCN-2022-NCLT-01219. The case pertains to IA (IBC) 858/2022 in Company Petition IB/75/2021 under Section 94 of the…

- **Court:** NCLT
- **Order date:** 30 Aug 2022
- **Citation:** TCN-2022-NCLT-01219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/badveli-sreedhara-reddy-cp-ib-no-752021-a7130b1d

## Summary

### Background

The case pertains to IA (IBC) 858/2022 in Company Petition IB/75/2021 under Section 94 of the IBC, 2016. The Resolution Professional filed an IA to take on record the report of RP. The Repayment Plan submitted by the Personal Guarantor was rejected by the creditors.

## Facts

The Resolution Professional (RP) filed IA (IBC) 858/2022 in Company Petition IB/75/2021. The IA was filed to take on record the report of the RP. The Repayment Plan submitted by the Personal Guarantor was rejected by the creditors. The court heard the RP's Status Report and took it on record. The rejection of the Repayment Plan by the creditors is a key fact influencing the court's decision.

## Issues and analysis

### Issue 1: Whether the RP's Status Report …

**Ratio:** The court has the authority to take reports and documents submitted by the Resolution

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**Reasoning:** The court acknowledged the RP's Status Report and took it on record, indicating its

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**Interpretation:** The court's acceptance of the RP's Status Report signifies its importance in

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**Application:** The court's decision to take the RP's Status Report on record demonstrates the

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## Parties

- **Judges:** BACHU VENKAT…; Veera Brahma Rao…
- **Appellants:** Badveli Sreedhara…
- **Respondents:** Southern Online…

## Timeline

- **2022-08-30 — Hearing…**: Hearing held on 30.08.2022 at…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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