# 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-03539. The case pertains to an application filed by the Bank of Maharastra, the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03539
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-donkena-purna-sri-cp-d480ace7

## Summary

### Background

The case pertains to an application filed by the Bank of Maharastra, the Financial Creditor, against Mr. Donkena Purna Sri (Maven Life Sciences Pvt Ltd), the Personal Guarantor. 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) as a Personal Guarantor. The Tribunal served notice to the Personal Guarantor, but the guarantor did not appear or contest the petition. Consequently, the Tribunal proceeded ex-parte. The Petitioner pursued the Petition and satisfied the Tribunal that the Petitioner has made out the case for admission of this Application of IRP. The Tribunal admitted the company petition, declared a moratorium, and appointed Shri Golla Rama Kanth Rao as the IRP. The IRP is required to file a report under Section 99 of the Code within 10 days. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of IBC, 2016.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor for initiating the IRP process against the …

**Ratio:** The application is admissible if the Financial Creditor demonstrates a valid claim and

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**Reasoning:** The Tribunal was satisfied that the Petitioner had made out a case for admission of the

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**Interpretation:** The legal issue concerns the admissibility of an application for initiating the

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**Application:** The Tribunal applied this ratio by reviewing the Petition and determining that

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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 Da…**: 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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