# In the matter of Bank of Maharashtra Vs. Donkena Yadagiri, CP (IB)/49/95/HDB/2023

> NCLT judgment dated 2023-05-01. Citation: TCN-2023-NCLT-03541. This is an application filed by the Financial Creditor, Bank of Maharastra, against the…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-donkena-yadagiri-cp-43289005

## Summary

### Background

This is an application filed by the Financial Creditor, Bank of Maharastra, against the Personal Guarantor, Mr. Donkena Yadagiri (Maven Life Sciences Pvt Ltd). The Tribunal ordered notice to the Personal Guarantor, which was duly served. However, the Personal Guarantor did not appear and contest the Petition, and was set ex-parte.

## Facts

Bank of Maharastra filed an application against Mr. Donkena Yadagiri (Maven Life Sciences Pvt Ltd) as a Personal Guarantor. The Tribunal served notice to the Personal Guarantor, but he did not appear or contest the petition. The Tribunal reviewed the petition and found that the Petitioner had made a case for the admission of an 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 within 10 days. The Respondents are required to file a reply within two weeks, and the Petitioner may file a rejoinder within two weeks thereafter. The case was adjourned to 29.05.2023. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor for the admission of an IRP should be …

**Ratio:** The Tribunal has the power to admit an application for IRP if it is satisfied that the

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**Reasoning:** The Tribunal pursued the Petition and was satisfied that the Petitioner had made out the

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**Interpretation:** The legal issue is whether the petitioner has met the requirements for the

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**Application:** The Tribunal applied the ratio to the facts of the case and determined that the

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## Parties

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

## Timeline

- **2023-05-01 — Hearing…**: Hearing held on…
- **2023-05-01 — Order Da…**: Tribunal admits 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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