# In the matter of State Bank of India Vs. Y Narsinga Rao & Vishwa Infrastructures and Services Pvt Ltd, IA (IBC)237/2022 in CP (IB) 308/95/HDB/2021

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03718. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Interim…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-y-narsinga-rao-vishwa-infrastructures-and-services-pvt-lt-58b74f06

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP), Mr. Kiran Kumar Manikwar, was present. The respondent was deemed ex-parte due to failure to file vakalatnama within the stipulated time, despite being allowed to do so. The IRP filed IA(IBC)235/2022 seeking discharge due to medical reasons.

## Facts

State Bank of India initiated proceedings as the petitioner. Y Narsinga Rao & Vishwa Infrastructures And Services Pvt Ltd are the respondents. Mr. Kiran Kumar Manikwar was appointed as the Interim Resolution Professional (IRP). The respondent was deemed ex-parte because their vakalatnama was not filed within the stipulated time, despite being allowed to do so based on the order dated 2022-02-21. The IRP filed IA(IBC)235/2022 seeking discharge due to medical reasons. The Tribunal discharged Mr. Kiran Kumar Manikwar as IRP.

## Issues and analysis

### Issue 1: Whether the Tribunal should discharge the Interim Resolution Professional (IRP), Mr. Kiran Kumar …

**Ratio:** The Tribunal has the authority to appoint and discharge an IRP based on the circumstances

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**Reasoning:** The Tribunal considered the submission made by the IRP in IA(IBC)235/2022, citing medical

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**Interpretation:** This case interprets the Tribunal's power to discharge an IRP when sufficient

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Y Narsinga Rao &…

## Timeline

- **2022-02-21 — Order Da…**: Order date regarding…
- **2022-03-16 — Hearing…**: Hearing held on…

## 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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