The Bhimasethu Munivrunda Mutt is situated on the banks of the river Tunga and is six kilometres away from Thirthahalli. The title Bhimasethu recalls an incident related to Bhimasena, who was one of the Pandavas. When the Pandavas came for vanavasa near Thirthahalli, they decided to halt at kavaledurga. Draupadi, the wife of the Pandavas prayed lord Bhimasena to arrange for water for Anheka(Daily Rituals) for pandavas.
Then Lord Bhimasena decided to build a bridge across the river Tunga which was flowing nearby by offering Sankalpa to Sri Krishna that he would stop constructing the bridge before the sun rise of the following day. On hearing about the decision taken by Lord Bhimasena, the sages of the land started to worry as the people living there depended on water from the river Tunga. During this time Doorvasa, a sage of the lineage, worshipped the Lord to help them with a remedy. Lord Krishna on hearing the prayers of Doorvasa, Lord Sri Krishna took the form of a cock and started to coo before the sun rise. On hearing the cock coo Lord Bhimasena stopped his work.
He realised that it was Lord Sri Krishna’s plan from stopping him from constructing the bridge. Lord Sri Krishna appeared in front of Bhimasena and made him realise the inconvenience that would have been caused due to his action to the sages living in the land. Bhimasena immediately freed the water through three places of the bridge. Even now, this place can be recognised easily. It was because of this bridge the place came to be known as Bhimasethu (Bhimanakatte). Being a resident for thousands of sages headed by Doorvasa (Munivrunda), the Mutt was named as Bhimasethu Munivrunda Mutt. It is also called as the Sri MadAchyuta Prekshacharya Samsthana and also as Jagadguru Sri.Madhwacharya Gurumatta.