# In the matter of State Bank of India Vs. Yerra Srinivas Vishwa Infrastructures and Services Pvt Ltd, IA (IBC)241/2022 in CP (IB) 316/95/HDB/2021

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03724. 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-03724
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-yerra-srinivas-vishwa-infrastructures-and-services-pvt-lt-5d394b0f

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP), Mr. Kiran Kumar Manikwar, is involved. The respondent was deemed ex-parte due to not filing vakalat within the stipulated time. The IRP filed IA(IBC)235/2022 seeking discharge due to medical reasons.

## Facts

State Bank of India filed a petition against Yerra Srinivas Vishwa Infrastructures and Services Pvt Ltd. The respondent was deemed ex-parte because their advocate, Mr. Mohammed Rhaeem, though allowed to file vakalat on their representation from 2022-02-21, failed to do so within the time frame stipulated by the order dated 2022-02-21. The Interim Resolution Professional (IRP), Mr. Kiran Kumar Manikwar, filed IA(IBC)235/2022 seeking discharge due to medical reasons. The Tribunal discharged Mr. Manikwar as IRP.

## Issues and analysis

### Issue 1: Whether the Tribunal was justified in discharging Shri Kiran Kumar Manikwar as the Interim …

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

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**Reasoning:** The Tribunal considered the IRP's submission regarding medical reasons and found it

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**Interpretation:** The interpretation involves the Tribunal's discretionary power to manage the

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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:** Yerra Srinivas…

## Timeline

- **2022-03-16 — Hearing…**: Hearing held on 2022-03-16 at 10:30…
- **2022-02-21 — Advocate Allowed to…**: Shri Learned Advocate Mr. Mohammed Rhaeem was allowed to file vakalat on his…

## 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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