# In the matter of State Bank of India vs. Asim Jaydev Chandra

> NCLT judgment dated 2021-11-17. Citation: TCN-2021-NCLT-00467. The application is filed under Section 95 of the Code seeking initiation of Corporate…

- **Court:** NCLT
- **Order date:** 17 Nov 2021
- **Citation:** TCN-2021-NCLT-00467
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-asim-jaydev-chandra-542ba9e9

## Summary

### Background

The application is filed under Section 95 of the Code seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the personal guarantor of the Corporate Debtor. Court-2 has passed an order challenging the maintainability of the application.

## Facts

An application has been filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against the personal guarantor of a Corporate Debtor. Another court (Court-2) has already challenged the maintainability of this application. The applicant claims to be a Financial Creditor and has provided a declaration under Section 97 of the IBC, stating that no disciplinary proceedings are pending against the Resolution Professional (RP). The court has directed the RP, Ms. Vineeta Maheshwari, to file a report within one month and has ordered an interim moratorium under Section 96 of the IBC to commence from the date of the application. The matter has been adjourned to 04.01.2022.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be issued under Section 97 of IBC, 2016, despite a challenge …

**Ratio:** The court is bound by the provisions of Section 97 of IBC, 2016, to issue an Interim

…

**Reasoning:** Despite the challenge to the application's maintainability by Court-2, the court

…

**Interpretation:** Section 97 of the IBC is interpreted as imposing a mandatory duty on the court

…

**Application:** The court applies the ratio by directing the commencement of an interim

…

## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** State Bank of…
- **Respondents:** Asim Jaydev…
- **Advocates:** Eeshank…; Monaal Da…

## Timeline

- **2021-11-17 — Order Del…**: Order delivered on…
- **2022-01-04 — Matter Adj…**: Matter stands adjourned…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-asim-jaydev-chandra-542ba9e9