# In the matter of State Bank of India Vs. Mohan Kumar Krishnamurthy Podugu & Anr. CP (IB) No. 99/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01654. The case involves a transfer petition under the Insolvency and Bankruptcy Code (IBC), 2016. The…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-mohan-kumar-krishnamurthy-podugu-anr-cp-353b83f0

## Summary

### Background

The case involves a transfer petition under the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed under Section 96(1)(a) of the I&B Code, 2016. The court initiated an interim moratorium and appointed an Interim Resolution Professional (IRP).

## Facts

The State Bank of India filed a company petition/application against Varam Bio Energy Ltd under Section 95 of the IBC. The court initiated an interim moratorium commencing 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 file a report under section 99 of the I&B Code, 2016, within 10 days of his appointment. The respondents were directed to file a reply within two weeks, providing copies to the petitioners, who may then file a rejoinder within two weeks thereafter. The matter was adjourned to 2021-09-08.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be initiated …

**Ratio:** Section 96(1)(a) of the I&B Code, 2016, provides for the commencement of an interim

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**Reasoning:** The court reasoned that upon filing the application under Section 96(1)(a), the interim

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

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**Application:** The court applied this ratio by ordering the commencement of the interim

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## Parties

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

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on July…
- **N/A — Interim Moratorium…**: 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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