# In the matter of Kamineni Steel & Power India Private Limited CP (IB) No. 203/95/HDB/2021

> NCLT judgment dated 2021-08-13. Citation: TCN-2021-NCLT-01344. The case pertains to a Company Petition/Application filed under CP (IB) No. 203/95/HDB/2021…

- **Court:** NCLT
- **Order date:** 13 Aug 2021
- **Citation:** TCN-2021-NCLT-01344
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kamineni-steel-power-india-private-limited-cp-ib-no-20395hdb2021-4910fced

## Summary

### Background

The case pertains to a Company Petition/Application filed under CP (IB) No. 203/95/HDB/2021 before the National Company Law Tribunal (NCLT), Hyderabad. The petition involves Kamineni Steel & Power India Pvt Ltd as the company, Central Bank of India as the petitioner, and K. Shasidhar & Kamineni Steel & Power India Pvt Ltd as the respondent. The application is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The Central Bank of India filed a petition against Kamineni Steel & Power India Pvt Ltd under Section 95 of the IBC. Upon filing the petition, an interim moratorium commenced. The order specifies that any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed, and the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt during the interim-moratorium period. Shri Madasa Kumar is appointed as the IRP and is required to file a report under Section 99 of the IBC within 10 days of his appointment. The matter is adjourned to 2021-09-29.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed upon the filing of a petition under Section 95 of …

**Ratio:** Section 96(1)(a) of the I&B Code, 2016, stipulates that an interim moratorium

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**Reasoning:** The court relies on the statutory provision of Section 96(1)(a) of the I&B Code,

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**Interpretation:** Section 96(1)(a) is interpreted to mean that the interim moratorium is a

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**Application:** The court applied the ratio by ordering the commencement of the interim

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Central Bank of…
- **Respondents:** Kamineni Steel…; K. Shas…

## Timeline

- **2021-08-13 — Hearing…**: Hearing held on…
- **N/A — Interim Moratorium…**: Interim moratorium commences from the date of filing of the Petition under Section 96 (1)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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