# In the matter of State Bank of India Vs. Satyanarayana Malla & Anr. CP (IB) No. 96/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01655. The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-satyanarayana-malla-anr-cp-3be20fda

## Summary

### Background

The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) 2016. The court is considering the commencement of an interim moratorium following the filing of the application.

## Facts

State Bank of India filed a petition against Varam Bio Energy Ltd under Section 95 of the IBC. The application seeks initiation of the insolvency resolution process. The court has considered the application and the appearance of counsels for both the petitioner and the respondents (Satyanarayana Malla & Varam Bio Energy Ltd). The key fact is the filing of the application under Section 95, which triggers the provisions related to interim moratorium and the appointment of an IRP.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be commenced following the filing of an application under …

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

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**Reasoning:** The court reasoned that the filing of the application under Section 95 triggers the

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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 the 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…; Satyanarayana…

## Timeline

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