# In the matter of Bank of Maharashtra Vs. Donkena Purna Sri, CP (IB)/47/95/HDB/2023

> NCLT judgment dated 2023-05-01. Citation: TCN-2023-NCLT-03553. The case pertains to an application filed by a Financial Creditor, Bank of Maharastra, against…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-donkena-purna-sri-cp-98aea9ad

## Summary

### Background

The case pertains to an application filed by a Financial Creditor, Bank of Maharastra, against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal ordered notice to the Personal Guarantor, which was duly served. However, the Personal Guarantor did not appear or contest the Petition, leading to an ex-parte decision.

## Facts

Bank of Maharastra filed an application against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd) under Section 95 of IBC, 2016. The Tribunal served notice to the Personal Guarantor, but the Guarantor did not appear. The Tribunal admitted the petition, declared a moratorium, and appointed Shri Golla Rama Kanth Rao as IRP. The IRP must file a report within 10 days. Respondents must file a reply within two weeks. The case was adjourned to 2023-05-29. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of IBC, 2016. Legal actions are governed under Section 96(1)(b) of the Code.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is admissible under Section 95 of the IBC, …

**Ratio:** Section 95 of the IBC, 2016 allows a creditor to initiate insolvency proceedings against

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**Reasoning:** The Tribunal reviewed the petition and found that the petitioner had made a case for

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**Interpretation:** Section 95 provides the mechanism for creditors to pursue insolvency claims

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**Application:** The Tribunal applied Section 95 to the facts of the case, finding that the Bank

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of Mah…
- **Respondents:** Maven Life…; Donkena Pur…

## Timeline

- **2023-05-01 — Hearing…**: Hearing held on…
- **2023-05-01 — Order Is…**: Tribunal admits the company petition,…

## 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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