# In the matter of State Bank of India Vs. Kolli Venkata Raja Sekhar & GKC Projects Ltd., CP (IB) No. 253/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01576. The case involves an application under the I&B Code, 2016. The interim moratorium commences…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01576
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-kolli-venkata-raja-sekhar-gkc-projects-ltd-cp-0b1aab8f

## Summary

### Background

The case involves an application under the I&B Code, 2016. The interim moratorium commences from the date of filing the application under section 96(1)(a) of the I&B Code, 2016. Legal actions are governed under section 96(1)(b) of the I&B Code, 2016.

## Facts

State Bank of India filed a petition against Kolli Venkata Raja Sekhar & GKC Projects Ltd under Section 95 of the IBC. The court noted the appearance of counsel for both the Financial Creditor and the Corporate Debtor. An interim moratorium was declared effective from the date of filing the application under Section 96(1)(a) of the I&B Code, 2016. Shri Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP). The IRP was instructed to file a report under Section 99 of the I&B Code, 2016, within 10 days of the appointment. The respondents were directed to file a reply within two weeks, and the petitioners were given two weeks to file a rejoinder. 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 the interim moratorium

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**Reasoning:** The court explicitly stated 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 interim moratorium was deemed to have commenced from the date

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** GKC Projec…; Kolli Venkata…

## 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 96(1) — Interim- moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-96)

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