# In the matter of State Bank of India vs. Manchala Nagesh Kumar

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02686. The case pertains to CP (IB) No. 387/95/HDB/2022 under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02686
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manchala-nagesh-kumar-33d59646

## Summary

### Background

The case pertains to CP (IB) No. 387/95/HDB/2022 under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves State Bank of India as the petitioner and Mr. Manchala Nagesh Kumar (M/s. Maruthi Tubes Private Limited) as the respondent. The hearing was held in VC and Physical (Hybrid) mode.

## Facts

State Bank of India filed a petition against Mr. Manchala Nagesh Kumar (M/s. Maruthi Tubes Private Limited) under Section 95 of the IBC, 2016. The National Company Law Tribunal (NCLT), Hyderabad Bench-1, conducted a hearing on 09-02-2024. Following the Supreme Court's judgment in Surendra B. Jiwrajka vs Omkara Assets Reconstruction Private Limited, the NCLT appointed Shri. Sreenivasa Rao Ravinuthala as the Resolution Professional, with Registration No. IBBI/IPA-003/IP-N00081/2017-2018/10704. The petitioner, State Bank of India, was directed to pay Rs. 50,000 towards initial expenses, and the matter was adjourned to 26.02.2024 for report.

## Issues and analysis

### Issue 1: Whether Shri. Sreenivasa Rao Ravinuthala should be appointed as the Resolution Professional for the …

**Ratio:** The court has the authority to appoint a Resolution Professional based on the judgment of

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**Reasoning:** The court followed the precedent set by the Supreme Court and considered the Resolution

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**Interpretation:** The interpretation involves the court's power to appoint a Resolution

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**Application:** Given the Supreme Court's judgment and the Resolution Professional's

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** M/s. Maruthi…; Manchala Nagesh…

## Timeline

- **2024-02-09 — Hearing…**: Hearing held at the National Company…
- **2024-02-26 — Adjournmen…**: Matter adjourned for…

## 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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