NCLT Closes Sreedhar Insolvency, Allows Bankruptcy

NCLT Amaravati Bench granted a 15-day extension to the Personal Insolvency Resolution Process for Shri P. Sreedhar from February 23 to March 10, 2026.
State Bank of India rejected the repayment plan with 100% voting share, leading to closure of PIRP and discharge of the Resolution Professional.
Tribunal permitted State Bank of India to initiate bankruptcy proceedings against Shri Dr. Pulipati Sreedhar under IBC Sections 121 and 123.