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

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02656. 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-02656
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manchala-nagesh-kumar-854b997a

## 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 a Supreme Court judgment in Surendra B. Jiwrajka vs Omkara Assets Reconstruction Private Limited, the NCLT appointed Shri. Sreenivasa Rao Ravinuthala as the Resolution Professional. 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 a report. The appointment of the Resolution Professional is contingent on their name appearing in the current database of the IBBI. The Resolution Professional is required to file a report within 10 days

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## Issues and analysis

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

**Ratio:** The appointment of a Resolution Professional is a standard procedure under the IBC to

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**Reasoning:** The court, following the judgment of the Supreme Court, deemed it necessary to appoint a

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**Interpretation:** The appointment of a Resolution Professional is interpreted as a necessary step

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**Application:** Given the facts of the case and the Supreme Court's judgment, the court applied

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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 to…

## 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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