# In the matter of Central Bank of India vs. Ashok Verma

> NCLT judgment dated 2024-10-03. Citation: TCN-2024-NCLT-00506. The case involves the appointment of Mr. Damodar Prasad Gupta as a Resolution Professional…

- **Court:** NCLT
- **Order date:** 3 Oct 2024
- **Citation:** TCN-2024-NCLT-00506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-ashok-verma-a76d88a3

## Summary

### Background

The case involves the appointment of Mr. Damodar Prasad Gupta as a Resolution Professional (RP). The Tribunal passed an order on 06.09.2024 appointing him as RP. However, Mr. Gupta did not take steps in the matter as per Section 99 of IBC, 2016, because he was not the IP who accorded his consent to the creditor, Central Bank of India, to act as RP. Mr. Gupta received the order on 10.09.2024 but did not inform the Bench about his stand earlier.

## Facts

Mr. Damodar Prasad Gupta was appointed as RP in terms of the order dated 06.09.2024. The order was passed by the Tribunal. Mr. Gupta received the order on 10.09.2024. Mr. Gupta did not take steps in the matter according to Section 99 of IBC, 2016. Mr. Gupta did not inform the Bench about his stand earlier. Central Bank of India is the creditor involved. The Tribunal has listed the matter on 04.11.2024.

## Issues and analysis

### Issue 1: Whether Mr. Damodar Prasad Gupta, as the appointed RP, failed to comply with the provisions of …

**Ratio:** An RP is required to take necessary steps in the matter in terms of the provisions of

…

**Reasoning:** The Tribunal noted that Mr. Gupta did not take steps in the matter as required by Section

…

**Interpretation:** Section 99 of IBC, 2016, mandates specific actions by the RP upon appointment.

…

**Application:** Mr. Gupta's failure to take steps as required by Section 99 of IBC, 2016, after

…

## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Central Bank of…
- **Respondents:** Sh. Ashok…
- **Advocates:** Ambuj M…

## Timeline

- **2024-09-06 — Order Da…**: Order passed by the Tribunal…
- **2024-09-10 — Order Rec…**: Mr. Damodar Prasad…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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