# In the matter of State Bank of India Vs. Ashok Mahindru, CP (IB) No. 719 (PB)/2021

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03125. The case involves an application before the National Company Law Tribunal (NCLT), New Delhi,…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ashok-mahindru-cp-c478a077

## Summary

### Background

The case involves an application before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The applicant, State Bank of India, filed the application under Section 95(1) of the Insolvency & Bankruptcy Code. The application was listed, and the applicant's counsel proposed Sh. Gian Chand Narang as the Resolution Professional.

## Facts

State Bank of India, through its RP Mr. Gian Chand Narang, filed an application before the NCLT under Section 95(1) of the Insolvency & Bankruptcy Code against Mr. Ashok Mahindru. The applicant proposed Sh. Gian Chand Narang as the Resolution Professional, who has registration No. IBBI/IPA-002/IP-N00362/2017-18/11031. The applicant's counsel stated that there are no disciplinary proceedings pending against the proposed Resolution Professional. The court then confirmed the appointment of Sh. Gian Chand Narang as the Resolution Professional and directed him to file a report in terms of Section 99 within 10 days. The case was listed on 06.05.2022.

## Issues and analysis

### Issue 1: Whether Sh. Gian Chand Narang should be …

**Ratio:** The court has the power to appoint a Resolution Professional based on the proposal of the

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**Reasoning:** The applicant's counsel proposed Sh. Gian Chand Narang as the Resolution Professional and

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**Interpretation:** This issue involves the interpretation of the Insolvency & Bankruptcy Code

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** State Bank of…
- **Respondents:** Ashok Mah…

## Timeline

- **2022-04-22 — Order Del…**: Order delivered on 22.04.2022, confirming the appointment of Sh. Gian Chand Narang as the…
- **2022-05-06 — Next Listin…**: Case listed on 06.05.2022 at the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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