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

> NCLT judgment dated 2024-10-03. Citation: TCN-2024-NCLT-00508. The case involves a matter before the National Company Law Tribunal (NCLT), New Delhi Bench,…

- **Court:** NCLT
- **Order date:** 3 Oct 2024
- **Citation:** TCN-2024-NCLT-00508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-suresh-verma-7255998b

## Summary

### Background

The case involves a matter before the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the Central Bank of India. Mr. Damodar Prasad Gupta, an Insolvency Professional (IP) appointed as Resolution Professional (RP), submitted that the order passed by the Tribunal appointing him as RP could be received by him on 10.09.2024. However, he is not the IP who accorded his consent to the creditor, Central Bank of India, to act as RP. He took no steps in the matter in terms of Section 99 of IBC, 2016.

## Facts

The Central Bank of India is the applicant/petitioner in this case. Mr. Damodar Prasad Gupta was appointed as RP. The order appointing Mr. Gupta as RP was received by him on 10.09.2024. Mr. Gupta is not the IP who consented to the Central Bank of India acting as RP. Mr. Gupta did not take steps in terms of Section 99 of IBC, 2016. The order was received by Mr. Damodar Prasad Gupta on 10.09.2024, and he should have informed the bench earlier. The case is listed on 04.11.2024.

## Issues and analysis

### Issue 1: Whether notice should be issued to the Central Bank of India to clarify its stand regarding the …

**Ratio:** The principle of procedural fairness and compliance with the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that since Mr. Damodar Prasad Gupta, the appointed RP, was not the IP

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**Interpretation:** This involves interpreting the provisions of the IBC related to the appointment

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**Application:** The ratio and reasoning are applied to the specific facts of the case by

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Central Bank of…
- **Respondents:** Sh. Suresh…

## Timeline

- **2024-09-06 — Order Da…**: Order issued appointing Mr.…
- **2024-09-10 — Order Rec…**: Mr. Damodar Prasad Gupta received…

## 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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