# In the matter of State Bank of India Vs. M Laxmi Prasana & Vishwa Infrastructures and Services Pvt Ltd, IA (IBC)236/2022 in CP (IB) 309/95/HDB/2021

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03719. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Interim…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03719
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-m-laxmi-prasana-vishwa-infrastructures-and-services-pvt-l-6b462887

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP), Mr. Kiran Kumar Manikwar, filed an IA(IBC)235/2022 seeking discharge due to medical reasons. The respondent was deemed ex-parte due to failure to file vakalatnama within the stipulated time, as per the order dated 21.02.2022.

## Facts

State Bank of India initiated proceedings against M Laxmi Prasanna & Vishwa Infrastructures And Services Pvt Ltd. Mr. Mohammed Rhaeem, the learned advocate for the personal guarantor, was allowed to file vakalat on his representation from 21.02.2022, but failed to do so within the stipulated time. Consequently, the respondent was deemed ex-parte by virtue of the order dated 21.02.2022. The IRP, Mr. Kiran Kumar Manikwar, filed IA(IBC)235/2022 seeking discharge due to medical reasons. The Tribunal considered the submission and discharged Mr. Kiran Kumar Manikwar as IRP. The matter is listed for consideration on 21-03-2022.

## Issues and analysis

### Issue 1: Whether the Tribunal was correct in deeming the respondent ex-parte due to the failure to file …

**Ratio:** The ratio is based on procedural compliance. Failure to adhere to timelines for filing

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**Reasoning:** The court reasoned that since the vakalatnama was not filed within the time frame

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**Interpretation:** This highlights the importance of adhering to procedural rules and timelines in

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**Application:** In this case, the respondent's failure to file the vakalatnama within the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** M Laxmi Prasanna…

## Timeline

- **2022-02-21 — Order Da…**: Order issued deeming the respondent…
- **2022-03-16 — Hearing…**: Hearing held on 16-03-2022 where the IRP's…

## 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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