# In the matter of State Bank of India Vs. Hitesh Ramesh Jain, CP (IB) No. 142/95/HBD/2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01481. The case pertains to a Company Petition/Application filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-hitesh-ramesh-jain-cp-f3f57fba

## Summary

### Background

The case pertains to a Company Petition/Application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The petition was filed by State Bank of India against R E Cables & Conductors Pvt Ltd. The matter involves the commencement of an interim moratorium following the filing of the petition.

## Facts

State Bank of India filed a petition against R E Cables & Conductors Pvt Ltd under Section 95 of the IBC. Following the filing of the petition, an interim moratorium commenced as per Section 96(1)(a) of the IBC. This moratorium stays any legal action or proceeding pending against the debtor and prevents creditors from initiating new actions. Shri Krishna Mohan Gollamudi was appointed as the Interim Resolution Professional (IRP) and is required to file a report under Section 99 of the IBC within 10 days of his appointment. The respondents are required to file their reply within two weeks, and the petitioner is to file a rejoinder within two weeks thereafter. The case was adjourned to 24.09.2021.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed following the filing of a petition under Section 95 …

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

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**Reasoning:** The court reasoned that the filing of the petition under Section 95 triggers the

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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 ratio and reasoning were applied to the fact that State Bank of India had

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** RE Cables &…; Hitech Rame…

## Timeline

- **2021-08-04 — Hearing…**: Hearing held on…
- **N/A — IRP Appoi…**: Shri Krishna Mohan…

## 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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