# In the matter of State Bank of India Vs. Harikrishna Polavarapu & Anr. CP (IB) No. 98/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01653. The case involves a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01653
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-harikrishna-polavarapu-anr-cp-b0f908e2

## Summary

### Background

The case involves a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad. The petition is related to CP (IB) No. 98/95/HDB/2021 concerning Varam Bio Energy Ltd. The matter was heard through video conference.

## Facts

The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Varam Bio Energy Ltd. Harikrishna Polavarapu & Varam Bio Energy Ltd are listed as respondents. The NCLT, Hyderabad, is hearing the case under Section 95 of the Insolvency and Bankruptcy Code (IBC). An interim moratorium has been declared, and an Interim Resolution Professional (IRP) has been appointed. The IRP is Shri Dantu Indu Sekhar. The respondents are required to file a reply to the application, and the petitioners are allowed to file a rejoinder. The case has been adjourned to 2021-08-09.

## Issues and analysis

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

**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 upon filing the application, the interim moratorium commences

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**Interpretation:** Section 96(1)(a) is interpreted to mean that the interim moratorium is a

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**Application:** The court applied this ratio by declaring the commencement of the interim

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Varam Bio Energy…; Harikrishna…

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on…
- **N/A — Application…**: 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)

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