The National Company Law Tribunal (NCLT), Hyderabad Bench, convened a special bench via video conference to address Company Petition IB/224/2022. The petition involves State Bank of India Stressed Assets Management Branch-II as the petitioner and Yarlagadda Padmavathi as the respondent. The case pertains to matters under Section 95 of the Insolvency and Bankruptcy Code (IBC).
State Bank of India Stressed Assets Management Branch-II filed a Company Petition (IB/224/2022) against Yarlagadda Padmavathi under Section 95 of the Insolvency and Bankruptcy Code (IBC). The NCLT Hyderabad Bench convened a hearing on 2022-07-29 via video conference. The court ordered an interim moratorium to commence from the date of filing the petition, as per Section 96(1) of the IBC. During this period, legal actions against the debtor are stayed, and creditors cannot initiate new actions. Mr. Raghu Babu Gunturu was appointed as the Resolution Professional (RP) and is required to submit a report within 10 days under Section 99 of the IBC. The Financial Creditor is directed to provide the RP with a copy of the order and application, and to pay Rs. 50,000 to the RP
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The National Company Law Tribunal (NCLT),…
The NCLT ordered the…
The National Company Law Tribunal (NCLT), Hyderabad Bench, convened a special bench via video conference to address Company Petition IB/224/2022. The petition involves State Bank of India Stressed Assets Management Branch-II as the petitioner and Yarlagadda Padmavathi as the respondent. The case pertains to matters under Section 95 of the Insolvency and Bankruptcy Code (IBC).
State Bank of India Stressed Assets Management Branch-II filed a Company Petition (IB/224/2022) against Yarlagadda Padmavathi under Section 95 of the Insolvency and Bankruptcy Code (IBC). The NCLT Hyderabad Bench convened a hearing on 2022-07-29 via video conference. The court ordered an interim moratorium to commence from the date of filing the petition, as per Section 96(1) of the IBC. During this period, legal actions against the debtor are stayed, and creditors cannot initiate new actions. Mr. Raghu Babu Gunturu was appointed as the Resolution Professional (RP) and is required to submit a report within 10 days under Section 99 of the IBC. The Financial Creditor is directed to provide the RP with a copy of the order and application, and to pay Rs. 50,000 to the RP
…The National Company Law Tribunal (NCLT),…
The NCLT ordered the…