Authority: National Company Law Tribunal, Bengaluru Bench
Order Date: 22.06.2026
Case Overview
This order pertains to an interlocutory application (IA(IBC) 211/2026) filed in the main insolvency petition CP(IB) No. 23/BB/2023. The petition was initiated under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by Karnataka State Co Operative Apex Bank Ltd against Mr. Shankar V Povade. The matter was heard by a bench comprising Judicial Member Shri. Sunil Kumar Aggarwal and Technical Member Shri. Radhakrishna Sreepada. The respondent was represented by Shri. Adith Jahgirdar.
Final Outcome
The tribunal allowed application IA(IBC) 211/2026 and appointed a new Resolution Professional (RP) from the panel of insolvency professionals forwarded by the Insolvency and Bankruptcy Board of India (IBBI). Consequently, the report submitted by the previous Resolution Professional in IA 287/2024 was rendered obsolete and was disposed of. The case has been listed for the next hearing on 10.08.2026 for consideration of the new RP's report.
Topics: Insolvency Proceeding, Co-operative Bank, NCLT Order