# In the matter of State Bank of India Vs. Lakshmana Raju Vysyaraju Lakshman Raju vide CP (IB) No. 101-95-HDB-2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01650. The case pertains to a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-lakshmana-raju-vysyaraju-lakshman-raju-vide-cp-b8124b41

## Summary

### Background

The case pertains to a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad. The application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The State Bank of India is the petitioner, and Vysyaraju Lakshman Raju & Varam Bio Energy Ltd are the respondents.

## Facts

The State Bank of India filed an application under Section 95 of the IBC against Vysyaraju Lakshman Raju & Varam Bio Energy Ltd. The NCLT, Hyderabad, heard the matter through video conference. The court noted the appearance of counsels for both the petitioner (SBI) and the respondents. 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 Dantu Indu Sekhar was appointed as the Interim Resolution Professional (IRP). The IRP is required to submit a report within 10 days as per Section 99 of the I&B Code, 2016. The respondents are required to file a reply within two weeks, and the petitioners can file a rejoinder within two weeks thereafter. The case was adjourned to 2021-09-08.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be declared as per 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 legislative intent behind Section 96(1)(a) is to provide

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

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**Application:** The court applied the ratio by declaring an interim moratorium effective from

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Varam Bio Energy…; Vysyaraju…

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on 2021-07-23 where counsels for…
- **N/A — Interim Moratorium…**: Interim moratorium commences from the date of filing 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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