# In the matter of Pridhvi Assets Reconstruction and Securitization Company Ltd Vs. Viragneni Anjaiah, CP (IB)/191/95/HDB/2022

> NCLT judgment dated 2022-06-21. Citation: TCN-2022-NCLT-02129. The case pertains to CP(IB) No.191/95/HDB/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Jun 2022
- **Citation:** TCN-2022-NCLT-02129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pridhvi-assets-reconstruction-and-securitization-company-ltd-vs-viragneni-anjaia-54469dd9

## Summary

### Background

The case pertains to CP(IB) No.191/95/HDB/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Pridhvi Assets Reconstruction And Securitisation Company Ltd filed the application as a petitioner against Mr. Viragneni Anjaiah & Sri Pavana Keerthi Hotels India Pvt Ltd. The hearing was held on 2022-06-21 via video conference.

## Facts

Pridhvi Assets Reconstruction And Securitisation Company Ltd filed a petition under Section 95 of the IBC, 2016, against Mr. Viragneni Anjaiah & Sri Pavana Keerthi Hotels India Pvt Ltd. The court found that the Financial Creditor established a prima facie case. Shri Govada Venkata Subba Rao was proposed as the Resolution Professional and subsequently appointed by the court. An interim moratorium was imposed, preventing legal actions against the debtor and by the debtor's creditors. The case was scheduled for further consideration on 2022-07-07.

## 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 the Financial Creditor had indeed established

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**Interpretation:** A 'prima facie case' implies that there is sufficient evidence to suggest that

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**Application:** Based on the evidence presented by Pridhvi Assets Reconstruction And

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Pridhvi Assets…
- **Respondents:** Pavana Keerthi…; Viragneni A…

## Timeline

- **2022-06-21 — Hearing…**: Hearing held on 2022-06-21 at 10:30…
- **2022-06-21 — Order Is…**: Court found prima facie case established and appointed Shri Govada Venkata Subba Rao as…

## 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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