# In the matter of  L. Ramalakshmamma Vs. State Bank of India, IA (IBC) No. 346/2021 in CP (IB) No. 02/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01651. The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01651
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/l-ramalakshmamma-vs-state-bank-of-india-ia-a0a77c4f

## Summary

### Background

The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, State Bank of India, filed IA (IBC) No. 346/2021 in CP (IB) No. 02/95/HDB/2021 for urgent listing, which was allowed. The court is considering the commencement of an interim moratorium.

## Facts

State Bank of India filed IA (IBC) No. 346/2021 in CP (IB) No. 02/95/HDB/2021 under Section 95 of the IBC, 2016, seeking an interim moratorium. The application was for urgent listing and was allowed. L. Ramalakshmamma is listed as the petitioner. The court considered the provisions of Section 96 of the I&B Code, 2016, regarding the interim moratorium and its effect on legal actions. Shri Anil Kohli was appointed as the IRP and directed to file a report under Section 99 of the I&B Code, 2016, within ten days. The respondents were directed to file a reply within two weeks, and the petitioners were given two weeks thereafter to file a rejoinder. The matter was adjourned to 2021-09-03.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that since an application under Section 95 was filed, the interim

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**Interpretation:** Section 96(1)(a) is interpreted to mean that upon filing an application under

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**Application:** In this case, since State Bank of India filed an application under Section 95,

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## Parties

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

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on…
- **2021-07-23 — IA Filed…**: IA (IBC) No. 346/2021 filed for…

## 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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