# In the matter of State Bank of India Vs. Preeti Saxena, CP (IB)/746(PB)/2021

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02818. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02818
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-preeti-saxena-cp-8921e8b6

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. State Bank of India is the applicant/petitioner, and Smt. Preeti Saxena is the respondent. The order was delivered on May 9, 2022.

## Facts

State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Smt. Preeti Saxena. The National Company Law Tribunal (NCLT), New Delhi, Principal Bench, heard the matter. The court appointed Sh. Rakesh Kumar Gupta as the Resolution Professional (RP) under Section 97 of the IBC. The RP was directed to file an affidavit confirming the absence of disciplinary proceedings and their qualification to practice as an insolvency professional. The RP was also directed to file a report under Section 99 of the IBC within 10 days. The case was listed for further proceedings on June 7, 2022. The order was delivered on May 9, 2022.

## Issues and analysis

### Issue 1: Whether Sh. Rakesh Kumar Gupta should be appointed as the Resolution Professional under Section 97 …

**Ratio:** Section 97 of the IBC allows the Adjudicating Authority to appoint a Resolution

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**Reasoning:** The court considered the provisions of Section 97 of the IBC and found it appropriate to

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**Interpretation:** Section 97 of the IBC provides the mechanism for appointing a Resolution

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**Application:** The court applied Section 97 of the IBC to the facts of the case and appointed

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** Preeti S…

## Timeline

- **2022-05-09 — Order Del…**: Order delivered on the application under Section 95(1) of the Insolvency & Bankruptcy…
- **2022-06-07 — Further Proc…**: The matter is listed…

## 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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