# In the matter of State Bank of India Vs. Bhagavatula Hima Bindu aliasVuppalapati Hima Bindu & VMC Systems Ltd., CP (IB) No. 395/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01581. The case pertains to a transfer petition filed under the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-bhagavatula-hima-bindu-aliasvuppalapati-hima-bindu-vmc-sy-c0797868

## Summary

### Background

The case pertains to a transfer petition filed under the Insolvency and Bankruptcy Code (IBC). The corporate debtor is VMC Systems Ltd. The State Bank of India is the petitioner. The court is addressing the application under Section 95 of the IBC.

## Facts

The State Bank of India filed a petition against VMC Systems Ltd under Section 95 of the IBC. The court acknowledged the appearance of counsels for both the Financial Creditor (FC) and the Corporate Debtor. The court then ordered an interim moratorium to commence from the date of filing the application under section 96(1)(a) of the I&B Code, 2016. Shri Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP). The IRP is required to submit a report under section 99 of the I&B Code within 10 days. The respondents have two weeks to file a reply, and the petitioners have two weeks thereafter to file a rejoinder. The case was adjourned to 01.09.2021.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed following the filing of an application under …

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

…

**Reasoning:** The court, recognizing the provisions of Section 96(1)(a) of the I&B Code, determined

…

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

…

**Application:** Given the application filed under Section 95, the court applied Section

…

## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** VMC Syste…; Bhagavatula Hima…

## Timeline

- **2021-07-28 — 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 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-bhagavatula-hima-bindu-aliasvuppalapati-hima-bindu-vmc-sy-c0797868