# In the matter of State Bank of India Vs. Indu Kuri Sundari & Anr. CP-IB-184-2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01475. The case involves a Company Petition (IB/184/2021) before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-indu-kuri-sundari-anr-cp-ib-184-2021-187f0743

## Summary

### Background

The case involves a Company Petition (IB/184/2021) before the National Company Law Tribunal (NCLT), Hyderabad Bench. The petitioner, Indu Kuri Sundari & Indu Projects Ltd, filed the petition against the respondent, State Bank of India, under Section 95. The hearing was conducted via video conference.

## Facts

Indu Kuri Sundari & Indu Projects Ltd initiated a Company Petition (IB/184/2021) against State Bank of India under Section 95. The NCLT Hyderabad Bench conducted a hearing via video conference. The court directed the petitioner to serve notice to the respondent, State Bank of India, via speed post and email, with proof of service required within two weeks. Mr. Kasi Srinivas was appointed as the Resolution Professional. An interim moratorium was declared, preventing legal actions against the debtor. The matter was adjourned to 2021-09-24. The appointment of the Resolution Professional and the imposition of the moratorium are key facts influencing the proceedings.

## Issues and analysis

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

**Ratio:** Section 96 of the IBC, 2016 allows for the imposition of an interim moratorium upon the

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**Reasoning:** The court, considering the application, deemed it appropriate to impose an interim

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**Interpretation:** Section 96 of the IBC, 2016 is interpreted to provide immediate protection to

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**Application:** The court applied Section 96 to the present case, imposing an interim

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Respondents:** Indu Kuri Sundari…; State Bank of…

## Timeline

- **2021-08-04 — Hearing…**: Hearing of the National Company Law Tribunal, Hyderabad Bench, held on 2021-08-04 at…
- **2021-09-24 — Adjournmen…**: Matter stands adjourned…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 96 — Interim- moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-96)

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