# In the matter of Glochem Industries Pvt. Ltd. vs. Pathapati Kirshna Murthy, CP (IB) No.347/95/HDB/2022

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02787. The case pertains to CP (IB) No.347/95/HDB/2022 under Section 95 of the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02787
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glochem-industries-pvt-ltd-vs-pathapati-kirshna-murthy-cp-cb6ede48

## Summary

### Background

The case pertains to CP (IB) No.347/95/HDB/2022 under Section 95 of the 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 under Section 95 of the IBC, 2016, seeking the appointment of an Interim Resolution Professional (IRP). The Tribunal found Mr. Sivarama Prasad Bhamidi suitable for the role, as his name appeared in the IBBI database. The Tribunal then appointed Mr. Bhamidi as the IRP and imposed an interim moratorium, preventing legal actions or proceedings against the debtor. The petitioner was directed to pay Rs. 50,000 towards expenses and to serve notice to the respondent, Mr. Pathapati Kirshna Murthy. 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 authority to appoint an IRP if deemed fit, especially when a

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**Reasoning:** The Tribunal considered the petitioner's request and verified the availability of Mr.

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**Interpretation:** This issue involves the interpretation of the Tribunal's power to appoint an

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**Application:** In this case, the ratio was applied by verifying Mr. Bhamidi's credentials and

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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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