Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: 12-06-2026
Case Overview
This proceeding involves a petition filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 by IDBI Bank Ltd. (Financial Creditor) against Mr. S. Ramesh Babu (Respondent 1/Personal Guarantor) and M/s. Kanakadhara Ventures Pvt Ltd. (Respondent 2/Corporate Debtor). The hearing was conducted in hybrid mode (VC and physical) before a bench comprising Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri. Mr. GP Yash Vardhan represented the creditor during the proceedings.
Final Outcome
The NCLT appointed Ms. Azra Banu (IBBI Registration No: IBBI/IPA-001/IP-P00955/2017-2018/11576, validity until 31-12-2026, Phone: 8555058841, email: caazra27[at]gmail[dot]com) as the Resolution Professional for this matter. The RP is directed to submit her report under Section 99 of IBC within 10 days. The petitioner (IDBI Bank) was directed to issue notice to the respondents and file proof of service by way of an affidavit. The remuneration of the RP was fixed at ₹50,000 (Rupees Fifty Thousand only), payable by the Financial Creditor. The matter has been adjourned to 01-09-2026 for further proceedings.
Topics: Insolvency Proceedings, Corporate Debt Resolution, NCLT Order