# 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-01580. 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-01580
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-kolli-venkata-raja-sekhar-gkc-projects-ltd-cp-30dbdcc1

## 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

The State Bank of India filed a petition against Kolli Venkata Raja Sekhar & GKC Projects Ltd under Section 95 of the IBC. The Corporate Debtor's counsel appeared. The court addressed the commencement of the interim moratorium 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 IRP and was directed to file a report under Section 99 of the I&B Code, 2016, within 10 days from the date of his appointment. The respondents were directed to file a reply within two weeks, and the petitioners were given two weeks to file a rejoinder. The matter was adjourned to 2021-09-01.

## Issues and analysis

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

**Ratio:** The interim moratorium commences from the date of filing of the application under section

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**Reasoning:** The court explicitly stated that the interim moratorium begins from the date the

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**Interpretation:** Section 96(1)(a) of the I&B Code is interpreted to mean that the interim

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**Application:** In this case, the interim moratorium started when State Bank of India filed the

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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 — Appointment…**: Shri Raghu Babu Gunturu…

## 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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