Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: 12-06-2026
Case Overview
This matter involves an insolvency petition filed by IDBI Bank Ltd. (Financial Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition was filed against Ms. P. Naga Lakshmi (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 Mr. Kalvakolanu Murali Krishna Prasad as the Resolution Professional for this matter. His credentials include IBBI Registration No. IP No. IBBI/IPA-001/IP-P00967/2017-2018/11588, valid until 30-06-2027, with contact details: Phone No: 9866512532 and email: kmk123ip@gmail.com. The Resolution Professional was directed to submit his report under Section 99 of IBC within 10 days. The petitioner (IDBI Bank) was directed to issue notice to the respondent and file proof of service by way of an affidavit. The remuneration of the Resolution Professional 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, NCLT Order, Corporate Debtor