# In the matter of State Bank of India Vs. Vishal Ramesh Karia, CP (IB)/175(AHM)/2021

> NCLT judgment dated 2021-10-20. Citation: TCN-2021-NCLT-00724. The Financial Creditor filed an application under Section 95 of the Code seeking initiation of…

- **Court:** NCLT
- **Order date:** 20 Oct 2021
- **Citation:** TCN-2021-NCLT-00724
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-vishal-ramesh-karia-cp-30f29356

## Summary

### Background

The Financial Creditor filed an application under Section 95 of the Code seeking initiation of CIRP against the personal guarantor of the Corporate Debtor. The Respondent argued that the personal guarantee was barred by limitation and not filed through RP, thus liable for dismissal. The Applicant submitted an order from NCLAT in Ravi Ajit Kulkarni Vs. State Bank of India dated 12.08.2021, contending that all pleadings could be addressed during the admission of the Corporate Debtor into CIRP.

## Facts

The State Bank of India, as the Financial Creditor, filed an application under Section 95 of the IBC seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vishal Ramesh Karia, the personal guarantor of the Corporate Debtor. The respondent argued that the application was barred by limitation and had not been filed through a Resolution Professional (RP). The applicant countered by submitting a copy of an order from the NCLAT in the case of Ravi Ajit Kulkarni Vs. State Bank of India, dated 12.08.2021, arguing that all pleadings could be taken up at the time of admission of the Corporate Debtor into CIRP. The court considered the aspect of filing the application by the creditors as per the provisions of Section 95(1).

## Issues and analysis

### Issue 1: Whether the interim moratorium under Section 96 of the IBC, 2016, commences from the date of filing …

**Ratio:** Section 96 of the IBC, 2016, governs the

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**Reasoning:** The court held that the interim moratorium

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**Interpretation:** Section 96 is interpreted to mean that the interim moratorium is triggered

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**Application:** The court applied this interpretation to the present case, stating that the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** State Bank of…
- **Respondents:** Vishal Ramesh…
- **Advocates:** Pratik Th…; Navin P…

## Timeline

- **2021-10-20 — Order Del…**: Order delivered by the National…
- **2021-08-12 — NCLAT Or…**: Order from NCLAT in the case of Ravi…

## 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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