# In the matter of State Bank of India Vs. Mr. Badri Kasturi, CP (IB) No. 400/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01589. The case involves a petition under Section 95 of the IBC. The court is considering an…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-mr-badri-kasturi-cp-641417a3

## Summary

### Background

The case involves a petition under Section 95 of the IBC. The court is considering an application where an interim moratorium is being discussed. The application was filed under section 96(1)(a) of the I&B Code, 2016.

## Facts

PPS Enviro Power Pvt Ltd is the company involved. State Bank of India is the petitioner. Badri Kasturi & PPS Enviro Power Pvt Ltd are the respondents. An application was filed under Section 95 of the IBC. The court declared an interim moratorium commencing from the date of filing the application under section 96(1)(a) of the I&B Code, 2016. Shri Krishnasamy Vasudevan is appointed as IRP.

## Issues and analysis

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

**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 of the application under Section 96(1)(a), the

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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 this interpretation to the present case, declaring the

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** PPS Enviro Power…; Badri Ka…

## Timeline

- **2021-07-28 — Hearing…**: Hearing held on…
- **2021-09-01 — Adjournmen…**: The matter stands…

## 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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