Case Details

Case Name: IA (IBC)/257/2026 in Contempt Petition/11/2024 and Contempt Application (IBC)/11/2024 in Company Petition IB/254/7/HDB/2021

Parties: Mr. Vakiti Vineeth Reddy (Resolution Professional/Applicant) vs. Mr. Gorrepati Venkat Rao, Mr. Bhogavalli Trinadha Rao, Mr. Ramachandram Gorrepati (Respondents/Contemnors)

Court/Authority: National Company Law Tribunal, Hyderabad Bench – II

Date of Order: 21.05.2026

Presiding Members: Shri. Rajeev Bhardwaj, Hon'ble Member (Judicial) and Shri. Sanjay Puri, Hon'ble Member (Technical)

Parties Involved

Petitioner/Applicant: Mr. Vakiti Vineeth Reddy, Resolution Professional for Impact Metals Ltd, residing at Flat No. 301, Plot No. 426, Radhamohan Enclave, Mathrusree Nagar, Miyapur, Hyderabad, Telangana – 500049.

Respondents/Contemnors:

1. Mr. Gorrepati Venkat Rao, residing at Flat No. 5, Sunrise Apartment, Naveennagar, Banjara Hills, Hyderabad, Telangana – 500004.

2. Mr. Bhogavalli Trinadha Rao, residing at 301, Saijyothi Plaza, 10-5-8/9/A, 1st Lancer Road, Ahmednagar, Masab Tank, Hyderabad, Telangana – 500028.

3. Mr. Ramachandram Gorrepati, residing at Flat No. 301/302, Sunrise Apartment, Naveennagar, Banjara Hills, Hyderabad, Telangana – 500004.

Legal Counsel: For Applicant - Mr. Bendi Ravi Teja, Advocate; For Respondents - Mr. Y. Suryanarayana & Mr. Varun Ambati, Advocates

Issues / Allegations / Violations

The Respondents/Contemnors had been held guilty of civil contempt under Section 2(b) of the Contempt of Courts Act, 1971, vide order dated 03.12.2025 for non-compliance with document requests from the Resolution Professional during the liquidation proceedings of Impact Metals Ltd.

Findings & Observations

The Tribunal examined the record, including pages 20–277 of I.A. (IBC)/257/2026, and found that the Respondents/Contemnors had duly furnished the information sought by the Resolution Professional. The documents provided included audit and tax documents, bank records and passwords, payroll records, asset and inventory details, bank submissions, and loan-related documents. This compliance was evidenced through emails, WhatsApp communications, and physical handovers between August 2023 and August 2024.

The Liquidator accepted that substantial information requested had been provided. The Tribunal noted the voluminous nature of the records furnished (pages 20-277) and granted liberty to the Liquidator to examine and scrutinize these documents for effective conduct of liquidation proceedings.

Penalties / Settlements / Directions

In view of the substantial compliance and the tendering of an unconditional apology by the Respondents/Contemnors, the contempt was deemed purged. The Respondents/Contemnors were discharged and no sentence was passed. The connected application IA (IBC)/257/2026 was declared infructuous.

Final Ruling & Enforcement

The contempt stands purged due to substantial compliance. The Respondents/Contemnors are discharged with no sentence imposed. The Liquidator retains the right to examine and scrutinize all submitted documents for the ongoing liquidation proceedings of Impact Metals Ltd.