Authority: National Company Law Tribunal, Hyderabad Bench - II
Order Date: 22 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Hyderabad Bench-II heard Company Petition IB/26/95/HDB/2026 filed by Canara Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against respondent Paturu Rama Rao. The petition represents an initiation of insolvency resolution proceedings against an individual. The hearing was conducted in hybrid mode (VC and physical) before a bench comprising Hon'ble Member (Judicial) Shri Rajeev Bhardwaj and Hon'ble Member (Technical) Shri Sanjay Puri. Representation included Ms. Ruthika Reddy for the petitioner (Canara Bank), Mr. Shriraj Manyam for the respondent (Paturu Rama Rao), and Mr. KB Kumar as the Resolution Professional.
Final Outcome
The Tribunal granted a final opportunity to the parties to complete procedural filings. The respondent has been given three weeks to file vakalat (power of attorney), counter affidavit, and objections to the Resolution Professional's report. If any rejoinder is required, it must be filed within two weeks after the initial three-week period. The matter has been adjourned to 3 August 2026 for further hearing.
Topics: Insolvency Proceeding, NCLT Hearing, Individual Bankruptcy