AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Vide order dated 07.01.2026, this Tribunal has issued a Bailable Warrant against the Operational Creditor, followed by communication to the Special Inspector General of Police, Nasik range, Maharashtra. But, till date no response has been received from the Police of Maharashtra. Let a request be sent to the Director General of Police, Maharashtra along with the copy of orders dated 07.01.2026 & 02.03.2026 and a copy of the Bailable Warrant for information and taking necessary action.
During the course of today’s hearing, the Counsel for the State Bank of India/ Financial Creditor stated that he has filed a memo vide Diary No.716 dated 20.04.2026 by which the Financial Creditor has proposed Mr. Atkuru Sai Prasad as the Resolution Professional (RP) to conduct the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor along with a copy of the written consent in Form-AA dated 15.04.2026 wherein it is stated that he is eligible to be appointed as the RP of the Corporate Debtor and that he is not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency, and Authorisation for Assignment (AFA).
Considering the submissions of the Counsel for the Financial Creditor, the credentials of the proposed RP was verified on the IBBI website, which shows that the proposed RP holds the valid AFA up to 30.06.2026. The relevant extract of the IBBI website is given below:
Accordingly, we hereby appoint Mr. Atkuru Sai Prasad bearing Registration No. IBBI/IPA-003/IPA-ICAI-N-00462/2024-2025/14501, e-mail ID: [email protected] having registered address at Flat No.506, SVS Srinivasam Apartments, Nehru Nagar, Ramanthapur, Near Hyderabad Public School, Hyderabad-500013, Telangana as RP in the instant matter.
The Financial Creditor is directed to deposit Rs.3,00,000/- (Rupees Three Lakhs Only) with the RP to meet out the expense to perform the functions assigned to him in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The amount, however, will be subject to adjustment by the Committee of Creditors as to be duly accounted for by RP and shall be paid back to the Financial Creditor.
A copy of this Order shall immediately be communicated to the Operational Creditor, the Financial Creditor, the Corporate Debtor, IBBI, and the RP named above by the Court Officer/ Registry of this Adjudicating Authority.
List the matter on 10.06.2026 for filing the progress report of the CIRP and for appearance of the Operational Creditor.