# In the matter of State Bank of India Vs. Jatin R Jain, CP (IB) No. 139/95/HBD/2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01480. The case pertains to a company petition/application filed under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01480
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-jatin-r-jain-cp-f7c9e3fb

## Summary

### Background

The case pertains to a company petition/application filed under the Insolvency and Bankruptcy Code (IBC). The interim moratorium commences from the date of filing the petition under Section 96(1)(a) of the I&B Code, 2016. Legal actions are governed under Section 96(1)(b) of IBC.

## Facts

The State Bank of India filed a petition against R.E. Cables & Conductors Pvt Ltd under Section 95 of the IBC. Upon filing the petition, an interim moratorium was initiated, preventing any legal action or proceedings regarding the company's debt. Shri Krishna Mohan Gollamudi was appointed as the Interim Resolution Professional (IRP) and is required to submit a report within 10 days. The respondents are required to file a 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 commenced under Section 96(1)(a) of the I&B Code, 2016, …

**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 triggers the commencement of the

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

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**Application:** Upon the State Bank of India filing the petition against R.E. Cables &

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## Parties

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

## Timeline

- **2021-08-04 — Hearing…**: Hearing held on…
- **N/A — Petition…**: Interim moratorium commences from the date of filing of the Petition under Section 96 (1)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 96(1) — Interim- moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-96)

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