# In the matter of State Bank of India Vs. K Anupama & GKC Projects Ltd., CP (IB) No. 257/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01575. The case involves a company petition/application filed under Section 95 of the IBC (Insolvency…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-k-anupama-gkc-projects-ltd-cp-a0112af5

## Summary

### Background

The case involves a company petition/application filed under Section 95 of the IBC (Insolvency and Bankruptcy Code). The court is hearing the matter through video conference. The application was filed under section 96(1)(a) of the I&B Code, 2016, and legal actions are governed under section 96(1)(b) of the I&B Code, 2016.

## Facts

The State Bank of India filed a company petition against GKC Projects Ltd. under Section 95 of the IBC. The court acknowledged the appearance of learned counsel for both the Financial Creditor (FC) and the Corporate Debtor. Upon filing the application, an interim moratorium commenced. Shri Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP). The IRP is required to submit a report within 10 days. The respondents must file a reply within two weeks, and the petitioners can file a rejoinder within two weeks after that. The case was adjourned to 01.09.2021.

## Issues and analysis

### Issue 1: Whether an interim moratorium commences from the date of filing of the application under section …

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

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**Reasoning:** The court explicitly states that the interim moratorium commences from the date of filing

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

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**Application:** In this case, the filing of the company petition by the State Bank of India

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** GKC Projec…; K. Anupama & GKC…

## Timeline

- **2021-07-28 — 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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