Bank of Maharashtra filed a petition against Shri. B Narasimha Reddy (Elite Infra Projects Private Limited) under Section 95 of the IBC, 2016, seeking an interim moratorium and appointment of a Resolution Professional. The petition was accompanied by a Deed of Guarantee and other necessary documents. The court found a prima facie case for granting the interim moratorium and appointing a Resolution Professional. The interim moratorium commences on the date of the application and ceases on the date of admission. During the moratorium, any legal action or proceeding pending in respect of any debt is stayed, and creditors cannot initiate any new actions. Shri. Golla Ramakantha Rao was appointed as the Resolution Professional and directed to file a report within 10 days.

Bank of Maharashtra filed a petition against Shri. B Narasimha Reddy (Elite Infra Projects Private Limited) under Section 95 of the IBC, 2016, seeking an interim moratorium and appointment of a Resolution Professional. The petition was accompanied by a Deed of Guarantee and other necessary documents. The court found a prima facie case for granting the interim moratorium and appointing a Resolution Professional. The interim moratorium commences on the date of the application and ceases on the date of admission. During the moratorium, any legal action or proceeding pending in respect of any debt is stayed, and creditors cannot initiate any new actions. Shri. Golla Ramakantha Rao was appointed as the Resolution Professional and directed to file a report within 10 days.