# In the matter of L. Madhusudhan Rao Vs. State Bank of India, IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01652. The document pertains to IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021 before the…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/l-madhusudhan-rao-vs-state-bank-of-india-ia-5af1b9ca

## Summary

### Background

The document pertains to IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021 before the National Company Law Tribunal, Hyderabad. The application was filed for urgent listing and was allowed. The case involves State Bank of India as the petitioner and L. Madhusudhan Rao as the respondent. The matter concerns an interim moratorium under Section 96 of the I&B Code, 2016.

## Facts

State Bank of India filed IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021 seeking urgent listing, which was allowed. The case involves L. Madhusudhan Rao as the respondent. The court declared an interim moratorium under Section 96 of the I&B Code, 2016. Shri Anil Kohli was appointed as the Interim Resolution Professional (IRP) and directed to file a report under Section 99 of the I&B Code, 2016 within 10 days. The respondents were directed to file a reply within two weeks, and the petitioners were given the opportunity to file a rejoinder within two weeks thereafter. The case was adjourned to 2021-09-03. This is relevant because it initiates the insolvency resolution process and defines the immediate actions to be taken by the parties involved.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be …

**Ratio:** Section 96 of the I&B Code, 2016 provides for an interim moratorium upon the filing

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**Reasoning:** The court considered the provisions of Section 96 of the I&B Code, 2016, which

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**Interpretation:** Section 96(1)(b) of the I&B Code, 2016 is interpreted to mean that once an

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**Application:** In this case, the court applied Section 96 of the I&B Code, 2016 and

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** L. Madhusud…

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on…
- **N/A — Filing of App…**: Interim moratorium commences from the date of filing of the application under section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 96 — Interim- moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-96)

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