# In the matter of Pridhvi Assets Reconstruction and Securitization Company Ltd Vs. Kollipara Sravanthi & Sri Pavana Keerthi Hotels India Pvt Ltd, CP (IB)/193/95/HDB/2022

> NCLT judgment dated 2022-06-21. Citation: TCN-2022-NCLT-02128. The case pertains to CP(IB) No.193/95/HDB/2022, filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Jun 2022
- **Citation:** TCN-2022-NCLT-02128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pridhvi-assets-reconstruction-and-securitization-company-ltd-vs-kollipara-sravan-3cb4b6f7

## Summary

### Background

The case pertains to CP(IB) No.193/95/HDB/2022, filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Pridhvi Assets Reconstruction And Securitisation Company Ltd is the petitioner, and Mrs. Kollipara Sravanthi & Sri Pavana Keerthi Hotels India Pvt Ltd are the respondents. The hearing was held on 2022-06-21 via video conference. The petitioner proposed Shri Govada Venkata Subba Rao as the Resolution Professional.

## Facts

Pridhvi Assets Reconstruction And Securitisation Company Ltd filed a case, CP(IB) No.193/95/HDB/2022, against Mrs. Kollipara Sravanthi & Sri Pavana Keerthi Hotels India Pvt Ltd under Section 95 of the IBC, 2016. The hearing took place on 2022-06-21. The petitioner proposed Shri Govada Venkata Subba Rao as the Resolution Professional. The court found a prima facie case established by the Financial Creditor. Shri Govada Venkata Subba Rao was appointed as the Resolution Professional, and an interim moratorium was imposed, preventing legal actions against the debtor. The matter was listed for further consideration on 2022-07-07. The Resolution Professional is required to file a report within 10 days of the order date.

## Issues and analysis

### Issue 1: Whether a prima facie case has been …

**Ratio:** The court must be satisfied that a prima facie case exists before proceeding with the

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**Reasoning:** The court perused the record and found that a prima facie case was indeed established by

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**Interpretation:** The establishment of a prima facie case is a preliminary requirement for

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**Application:** In this case, the court's finding of a prima facie case allowed it to proceed

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Pridhvi Assets…
- **Respondents:** Pavana Keerthi…; Kollipara…
- **Advocates:** Mr.V.V.S.…

## Timeline

- **2022-06-21 — Hearing…**: Hearing held on 2022-06-21 at 10:30…
- **2022-06-21 — Order Da…**: Order passed appointing Resolution…

## 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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