# In the matter of Bank of Maharashtra vs. V Swarna

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02390. The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-v-swarna-b06b08ee

## Summary

### Background

The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, Bank of Maharastra, has proposed Shri Murali mohan Chevuturi as the Resolution Professional. The court is considering the appointment of the proposed Resolution Professional and the commencement of an interim moratorium.

## Facts

Bank of Maharastra filed a case as the petitioner. Smt. V Swarna and M/s SVSVS Projects Pvt Ltd are the respondents. The petitioner proposed Shri Murali mohan Chevuturi as the Resolution Professional, whose name appears on the IBBI database. The court appointed Shri Murali mohan Chevuturi as the Resolution Professional and ordered an interim moratorium. The interim moratorium, under Section 96 of the IBC, 2016, stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any legal action or proceedings in respect of any debt. 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 current

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**Interpretation:** The IBC allows the appointment of a Resolution Professional to manage the

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**Application:** Since Shri Murali mohan Chevuturi's name appeared on the IBBI database, the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Bank of Mah…
- **Respondents:** M/s. SVSVS…; V Swa…

## Timeline

- **2022-06-06 — Hearing…**: Hearing held on 06-06-2022 at 10:30…
- **2022-06-06 — Appointment of…**: Shri Murali mohan Chevuturi…

## 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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