# In the matter of State Bank of India Vs. Vemuri Ramkoteshwar & GKC Projects Ltd., CP (IB) No. 255/95/HDB/2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01574. The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-vemuri-ramkoteshwar-gkc-projects-ltd-cp-3fc6c461

## Summary

### Background

The case pertains to an application filed 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. The order addresses the legal actions governed under section 96(1)(b) of the I&B Code, 2016.

## Facts

The State Bank of India filed an application under Section 95 of the IBC against GKC Projects Ltd. The court considered the application and the appearance of counsels for the Financial Creditor (FC) and the Corporate Debtor. An interim moratorium was ordered, effective from the date of filing the application. Shri Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP). The IRP is required to submit a report under Section 99 of the IBC within 10 days. The respondents are required to file a reply within two weeks, and the petitioners may file a rejoinder within two weeks thereafter. The case was adjourned to 2021-09-01.

## Issues and analysis

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

**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 the interim moratorium commences automatically upon the filing of

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**Interpretation:** Section 96(1)(a) is interpreted to mean that the filing of an application under

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**Application:** In this case, the court applied Section 96(1)(a) to initiate the interim

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** GKC Projec…; Vemuri Ramkoteshwa…

## Timeline

- **2021-07-28 — Hearing…**: Hearing held on…
- **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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