# In the matter of State Bank of India Vs. Satyan Kasturi, CP (IB) No. 401/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01564. The case involves a company petition/application filed under the I&B Code, 2016. The interim…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-satyan-kasturi-cp-46c72f04

## Summary

### Background

The case involves a company petition/application filed 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 case pertains to CP (IB) No. 401/95/HDB/2020 involving PPS Enviro Power Pvt Ltd as the company. State Bank of India is the petitioner, and Satyan Kasturi & PPS Enviro Power Pvt Ltd are the respondents. The application is filed under Section 95 of the IBC. An interim moratorium commences from the date of filing the application under section 96(1)(a) of the I&B Code, 2016. Shri Krishnasamy Vasudevan is appointed as the IRP.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed under Section 96(1)(a) of the I&B Code, 2016, …

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

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**Reasoning:** The court acknowledges the provision in the I&B Code that triggers an interim

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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 applies this principle by stating that the interim moratorium

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## Parties

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