# 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-03551. 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-03551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-donkena-yadagiri-cp-a842d1ff

## 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 therefore 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 sufficient grounds to admit the application for IRP. An IRP, Shri Golla Rama Kanth Rao, was appointed. An interim moratorium was declared. The respondents were directed to file a reply within two weeks, and the petitioner was given the opportunity to file a rejoinder. The case was adjourned to 2023-05-29.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor warrants the admission of the IRP …

**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 satisfied that Petitioner has made out the case for

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**Interpretation:** This means the court has the authority to initiate the insolvency resolution

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**Application:** In this case, the Tribunal found that the Bank of Maharastra had presented a

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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…
- **N/A — Application…**: Application filed by…

## 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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