The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Insolvency Professional brought a matter to the court's attention. Initially, the Tribunal appointed Smt. Padma Priya from the IBBI panel as the Interim Resolution Professional (IRP).
The National Bank for Agriculture and Rural Development (NABARD) filed a case against Smt. M Karunakar Reddy under the Insolvency and Bankruptcy Code (IBC). Initially, Smt. Padma Priya was appointed as the Interim Resolution Professional (IRP) by the Tribunal. However, it was later discovered that the financial creditor intended to appoint Shri Chakilam Nagarjuna Rao, and the initial representation was made inadvertently. Smt. Padma Priya had not filed her consent letter. Shri Chakilam Nagarjuna Rao's name appears in the IBBI database. The petitioner is directed to pay Rs. 50,000 towards initial expenses of the Resolution Professional.
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The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Insolvency Professional brought a matter to the court's attention. Initially, the Tribunal appointed Smt. Padma Priya from the IBBI panel as the Interim Resolution Professional (IRP).
The National Bank for Agriculture and Rural Development (NABARD) filed a case against Smt. M Karunakar Reddy under the Insolvency and Bankruptcy Code (IBC). Initially, Smt. Padma Priya was appointed as the Interim Resolution Professional (IRP) by the Tribunal. However, it was later discovered that the financial creditor intended to appoint Shri Chakilam Nagarjuna Rao, and the initial representation was made inadvertently. Smt. Padma Priya had not filed her consent letter. Shri Chakilam Nagarjuna Rao's name appears in the IBBI database. The petitioner is directed to pay Rs. 50,000 towards initial expenses of the Resolution Professional.
Hearing he…
Matter stands a…