# In the matter of State Bank of India Vs. Ramesh Kumar Jain, CP (IB) No. 141/95/HBD/2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01484. The case pertains to a Company Petition/Application filed under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01484
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-ramesh-kumar-jain-cp-694932dc

## Summary

### Background

The case pertains to a Company Petition/Application filed under the Insolvency and Bankruptcy Code (IBC). The order addresses the commencement of an interim moratorium and the appointment of an Interim Resolution Professional (IRP).

## Facts

The State Bank of India filed a Company Petition against R E Cables & Conductors Pvt Ltd. The petition was filed under Section 95 of the IBC. Upon filing the petition, an interim moratorium was ordered, preventing any legal action or proceedings against the debtor and prohibiting creditors from initiating new actions. Shri Krishna Mohan Gollamudi was appointed as the Interim Resolution Professional (IRP) and is required to file a report within 10 days. The respondents are required to file a reply within two weeks, and the petitioner must file a rejoinder within two weeks thereafter. The case was adjourned to 24.09.2021.

## Issues and analysis

### Issue 1: Whether an interim moratorium commences upon the filing of a petition under Section 96(1)(a) of the …

**Ratio:** Section 96(1)(a) of the I&B Code, 2016, stipulates that an interim moratorium

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**Reasoning:** The court refers directly to Section 96(1)(a) of the I&B Code, 2016, which explicitly

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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 filing of the petition by State Bank of India against R E

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** RE Cables &…; Ramesh Kuma…

## Timeline

- **2021-08-04 — Hearing…**: Hearing held on…
- **N/A — Interim Moratorium…**: Interim moratorium commences from the date of filing of the Petition under Section 96 (1)…

## 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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