# In the matter of IDBI Bank Ltd Vs. Vikram Bhawanishankar Sharma, CP (IB) No. 225/Chd/Pb/2021

> NCLT judgment dated 2022-03-11. Citation: TCN-2022-NCLT-03802. The National Company Law Tribunal (NCLT), Chandigarh Bench is hearing CP (IB) No.…

- **Court:** NCLT
- **Order date:** 11 Mar 2022
- **Citation:** TCN-2022-NCLT-03802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/idbi-bank-ltd-vs-vikram-bhawanishankar-sharma-cp-ae68bdca

## Summary

### Background

The National Company Law Tribunal (NCLT), Chandigarh Bench is hearing CP (IB) No. 225/Chd/Pb/2021 under Section 95 of the IBC 2016. The case involves IDBI Bank Ltd. as the petitioner and Vikram Bhawanishankar Sharma as the respondent. The court is reviewing a report regarding the proposed Resolution Professional, Mr. Asish Narayan, and has found no adverse remarks against him. He is appointed as Resolution Professional and directed to comply with the provisions of Section 99 and file the report accordingly within two weeks.

## Facts

IDBI Bank Ltd. has filed a petition against Vikram Bhawanishankar Sharma under Section 95 of the IBC 2016. The case is being heard by the National Company Law Tribunal (NCLT), Chandigarh Bench. A report regarding the proposed Resolution Professional, Mr. Asish Narayan, has been filed, and no adverse remarks were found against him. Mr. Narayan has been appointed as the Resolution Professional and is directed to comply with Section 99 of the IBC and file a report within two weeks. The court has issued a limited notice to the respondent, Vikram Bhawanishankar Sharma, requiring his presence within two weeks, returnable on 13.05.2022. The petitioner, IDBI Bank Ltd., is responsible for serving the notice to the respondent via speed post and email, and if that fails, through

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## Issues and analysis

### Issue 1: Whether the proposed Resolution Professional, Mr. Asish Narayan, should be appointed given the …

**Ratio:** The appointment of a Resolution Professional is a crucial step in the insolvency

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**Reasoning:** The court considered the report filed regarding Mr. Asish Narayan and noted that no

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**Interpretation:** The legal interpretation is that if a proposed Resolution Professional has no

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**Application:** In this case, since no adverse remarks were found against Mr. Asish Narayan,

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** IDBI Bank…
- **Respondents:** Vikram Bhawanishan…

## Timeline

- **N/A — Appointment of…**: Mr. Asish Narayan appointed…
- **2022-03-11 — Order Da…**: Order issued by NCLT,…

## 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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