# In the matter of Bank of Maharashtra Vs. Manda Venkata Mahalakshmi, CP(IB)/173/95/HDB/2022

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02386. The case involves Bank of Maharastra as the petitioner against Smt.Manda Venkata Mahalakshmi…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-manda-venkata-mahalakshmi-cp-6a03a87d

## Summary

### Background

The case involves Bank of Maharastra as the petitioner against Smt.Manda Venkata Mahalakshmi and M/s SVSVS Projects Pvt Ltd as respondents. The matter pertains to an application under Section 95 of the IBC, 2016. The petitioner proposed Shri Murali mohan Chevuturi as the Resolution Professional.

## Facts

Bank of Maharastra filed a petition against Smt.Manda Venkata Mahalakshmi and M/s SVSVS Projects Pvt Ltd under Section 95 of the IBC, 2016. The petitioner proposed Shri Murali mohan Chevuturi as the Resolution Professional, who is registered with IBBI. The court appointed Shri Murali mohan Chevuturi as the Resolution Professional and imposed an interim moratorium, which stays legal actions against the debtor and prevents creditors from initiating new actions. The Financial Creditor's counsel is directed to serve a copy of the order to the Resolution Professional and file proof of service. The matter is adjourned to 30.06.2022.

## Issues and analysis

### Issue 1: Whether Shri Murali mohan Chevuturi should be appointed as the Resolution Professional in this …

**Ratio:** The court has the authority to appoint a Resolution Professional based on the proposal by

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**Reasoning:** The court considered the petitioner's proposal and verified that Shri Murali mohan

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**Interpretation:** The appointment of a Resolution Professional is a critical step in the

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**Application:** Given that Shri Murali mohan Chevuturi is registered with the IBBI, the court

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** Bank of Mah…
- **Respondents:** M/s. SVSVS…; Smt.Manda Venkata…

## Timeline

- **2022-06-06 — Hearing…**: Hearing held on 06-06-2022 at 10:30…
- **2022-06-30 — Adjournmen…**: The matter stands…

## 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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