# In the matter of Glochem Industries Pvt. Ltd. vs.  Pathapati Kirshna Murthy

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02791. The case pertains to CP (IB) No.347/95/HDB/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02791
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glochem-industries-pvt-ltd-vs-pathapati-kirshna-murthy-0540cda7

## Summary

### Background

The case pertains to CP (IB) No.347/95/HDB/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, M/s. Glochem Industries Pvt Ltd, sought the appointment of an Interim Resolution Professional (IRP).

## Facts

M/s. Glochem Industries Pvt Ltd filed a petition (CP (IB) No.347/95/HDB/2022) under Section 95 of the IBC, 2016. The petitioner requested the Tribunal to appoint an IRP. The Tribunal found Mr. Sivarama Prasad Bhamidi suitable, based on his IBBI registration. The order imposes an interim moratorium, preventing legal actions against the debtor and barring creditors from initiating new actions. The petitioner is required to pay Rs. 50,000 for expenses and notify the respondent, Mr. Pathapati Kirshna Murthy (Satva Infratech Pvt Ltd). The case was adjourned to 21.07.2023.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional (IRP) should be appointed based on the petitioner's …

**Ratio:** The Tribunal has the power to appoint an IRP when a petition is filed under Section 95 of

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**Reasoning:** The Tribunal reasoned that the petitioner requested the appointment of an IRP and that

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**Interpretation:** Section 95 of the IBC allows for the initiation of insolvency resolution

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**Application:** The Tribunal applied the ratio by verifying Mr. Bhamidi's registration with

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Glochem…
- **Respondents:** Pathapati Kirshna…
- **Advocates:** Titiksha…

## Timeline

- **2023-06-26 — Hearing…**: Hearing held on…
- **2023-06-26 — Appointment…**: Mr. Sivarama Prasad Bhamidi…

## 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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