Authority: National Company Law Tribunal, Hyderabad Bench – II
Order Date: 10th June 2026
Case Overview
The order pertains to multiple Interlocutory Applications (IAs) filed in the main insolvency petition CP (IB) No.130/7/HDB/2025 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The corporate insolvency resolution process was initiated against Prasanna Bio Molecules Pvt Ltd (Corporate Debtor) by SBI Factors Limited (Financial Creditor). The bench comprised Shri Rajeev Bhardwaj (Member Judicial) and Shri Sanjay Puri (Member Technical).
For application IA (IBC)/860/2026, represented by counsel Ms. Niharika Agarwal, the applicant sought to place on record a resolution passed by the Committee of Creditors (CoC) in its second meeting. The primary prayer was to replace the existing Resolution Professional (RP) with Mr. B. Srinivasa Rao. The Tribunal noted that all statutory compliances for the replacement had been met.
Three other applications, IA (IBC)/678/2026, IA (IBC)/677/2026, and IA (IBC)/679/2026, represented by counsel Ms. N. Sreelekha, were also listed. These applications required the filing of a proof of service.
Final Outcome
The Tribunal approved the appointment of Mr. B. Srinivasa Rao as the new Resolution Professional for Prasanna Bio Molecules Pvt Ltd and disposed of IA (IBC)/860/2026. The matters pertaining to IA (IBC)/678/2026, IA (IBC)/677/2026, and IA (IBC)/679/2026 were adjourned to 20th August 2026 for the filing of proof of service.
Topics: Corporate Insolvency, NCLT Proceeding, Resolution Professional