# In the matter of Bank of Maharashtra Vs. NNBV Venkateswara Rao, CP(IB)/183/95/HDB/2022

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02393. The case pertains to CP(IB)183/95/HDB/2022 under Section 95 of the IBC, 2016. The petitioner,…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-nnbv-venkateswara-rao-cp-a3b11abb

## Summary

### Background

The case pertains to CP(IB)183/95/HDB/2022 under Section 95 of the IBC, 2016. The petitioner, Bank of Maharashtra, has proposed Shri Murali Mohan Chevuturi as the Resolution Professional. The court is considering the appointment of the Resolution Professional and the implementation of an interim moratorium.

## Facts

Bank of Maharashtra filed a petition against Shri. NNBV Venkateswara Rao 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. The court verified that Shri Murali Mohan Chevuturi's name is on the IBBI database. The court then appointed Shri Murali Mohan Chevuturi as the Resolution Professional and ordered an interim moratorium to come into effect, staying legal actions against the debtor and preventing creditors from initiating new actions. The Financial Creditor's counsel was directed to serve a copy of the order and application on the Resolution Professional and file proof of service. The matter was adjourned to 30.06.2022.

## Issues and analysis

### Issue 1: Whether Shri Murali Mohan Chevuturi should be …

**Ratio:** The court has the power to appoint a Resolution Professional if the proposed individual

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**Reasoning:** The court verified that Shri Murali Mohan Chevuturi's name appears on the IBBI database,

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**Interpretation:** This confirms the court's adherence to the established procedure for appointing

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**Application:** Since Shri Murali Mohan Chevuturi's name was found on the IBBI database, the

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## Parties

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

## Timeline

- **2022-06-06 — Hearing…**: Hearing held on 06-06-2022 at 10:30…
- **2022-06-30 — Matter Adj…**: 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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