Now Reading: AP High Court orders police action against TDP MLA in insolvency case
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AP High Court orders police action against TDP MLA in insolvency case
The Andhra Pradesh High Court has directed the state police to take action according to law if evidence is found against TDP MLA and Assembly Deputy Speaker Raghu Ramakrishna Raju (RRR) over…
The Andhra Pradesh High Court has directed the state police to take action according to law if evidence is found against TDP MLA and Assembly Deputy Speaker Raghu Ramakrishna Raju (RRR) over alleged threats to Agatha Energy and Infrastructure chairman Madala Srinivas. The case stems from the insolvency and sale of Ind-Bharat Power Gencom Limited, which was earlier controlled by RRR's family.
The company was acquired by Agatha Energy through an NCLT auction for Rs 101.42 crore. Srinivas alleged that RRR sent associates to threaten him over recovery of dues and company records, and that the men entered his Guntur residence and attempted to kidnap him. He claimed police refused to register a case.
The High Court observed that police must register a case if sufficient material discloses a cognisable offence. It directed police to submit case details and adjourned the matter for four weeks. Srinivas also sought 2+2 police protection, which the court will consider at the next hearing.
Indian Opinion Analysis
This is not the first time a political figure has faced court scrutiny over alleged interference in an insolvency process. Under the Insolvency and Bankruptcy Code, once a company is acquired through a resolution plan, the old promoters lose all control and the new management has statutory rights to recover dues. What will be watched is whether the police find enough material to register a case against a sitting deputy speaker, a step that would set a significant legal precedent in the state. The next hearing in four weeks will also decide on Srinivas's security plea.
Source: greatandhra.com
This brief was synthesised by AI from the source linked above.
