# In the matter of State Bank of India Vs. Smt. Rashmi Saxena, CP (IB)/745(PB)/2021

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02812. 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-02812
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-smt-rashmi-saxena-cp-1ede223f

## 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 Sh. Nawal Kishore 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 & Bankruptcy Code, 2016 against Sh. Nawal Kishore Saxena. The court appointed Sh. Rakesh Kumar Gupta as the Resolution Professional (RP). The RP is required to file an affidavit stating no disciplinary proceedings are pending and that he is qualified to practice as an insolvency professional. The RP is also directed to file a report under Section 99 of the IBC within 10 days. The case is listed for further proceedings on June 7, 2022. The key fact is the application under Section 95 of IBC and the appointment of RP.

## Issues and analysis

### Issue 1: Whether Sh. Rakesh Kumar Gupta should be …

**Ratio:** Section 97 of the IBC allows the

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**Reasoning:** The court found it appropriate to appoint Sh. Rakesh Kumar Gupta as the Resolution

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**Interpretation:** Section 97 of the IBC is interpreted to allow the court to appoint a qualified

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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:** Sh. Nawal Kishore…

## Timeline

- **2022-05-09 — Order Del…**: Order delivered on the application under Section 95(1) of the Insolvency & Bankruptcy…
- **2022-06-07 — Next Hea…**: Matter listed 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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