State Bank of India Stressed Assets Management Branch-II filed a Company Petition (IB/226/2022) against V Samba Siva Rao under Section 95 of the IBC. The court initiated an interim moratorium as per Section 96(1) of the IBC, which stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any new legal action or proceedings. Mr. Raghu Babu Gunturu was appointed as the Resolution Professional (RP) and is required to submit a report within 10 days. The Financial Creditor is directed to provide a copy of the order and application to the RP and to notify the Respondent. The Financial Creditor is also required to pay Rs. 50,000 to the RP for expenses.

State Bank of India Stressed Assets Management Branch-II filed a Company Petition (IB/226/2022) against V Samba Siva Rao under Section 95 of the IBC. The court initiated an interim moratorium as per Section 96(1) of the IBC, which stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any new legal action or proceedings. Mr. Raghu Babu Gunturu was appointed as the Resolution Professional (RP) and is required to submit a report within 10 days. The Financial Creditor is directed to provide a copy of the order and application to the RP and to notify the Respondent. The Financial Creditor is also required to pay Rs. 50,000 to the RP for expenses.