# 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-01637. 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-01637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/l-madhusudhan-rao-vs-state-bank-of-india-ia-9681cd31

## 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 IA was filed for urgent listing and was allowed. The matter was subsequently listed. The case involves State Bank of India as the petitioner and L. Madhusudhan Rao as the respondent. The application is related to Section 95 of the IBC.

## Facts

State Bank of India filed IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021. The application was for urgent listing, which the court allowed. The case involves L. Madhusudhan Rao as the respondent. The application is under Section 95 of the IBC. An interim moratorium was declared, effective from the date of filing the application under Section 96(1)(a) of the I&B Code, 2016. Shri Anil Kohli was appointed as the Interim Resolution Professional (IRP). The IRP is required to submit a report under Section 99 of the I&B Code, 2016, within ten days from the date of appointment. The respondents are required to file a reply within two weeks, and the petitioners may file a rejoinder within two weeks thereafter. The matter is adjourned to 2021-09-03. The key facts are

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## Issues and analysis

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

**Ratio:** Section 96(1)(a) of the I&B Code, 2016, allows for the commencement of an interim

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**Reasoning:** The court reasoned that since an application was filed, the conditions for initiating an

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**Interpretation:** The interpretation of Section 96(1)(a) and (b) is that upon filing an

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**Application:** The court applied this ratio by declaring an interim moratorium, effective from

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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 o…**: IA (IBC) No. 347/2021…

## 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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