# In the matter of State Bank of India Vs. Vysyaraju Kalpana & Anr. CP (IB) No. 100/95/HDB/2021

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01648. The document pertains to a case before the National Company Law Tribunal (NCLT), Hyderabad,…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-vysyaraju-kalpana-anr-cp-a15cfa0a

## Summary

### Background

The document pertains to a case before the National Company Law Tribunal (NCLT), Hyderabad, concerning a company petition/application under the Insolvency and Bankruptcy Code (IBC). The case involves Varam Bio Energy Ltd as the corporate debtor, with State Bank of India as the petitioner. The matter was heard through video conference.

## Facts

The case involves a company petition/application filed by State Bank of India against Varam Bio Energy Ltd under Section 95 of the IBC. The NCLT Hyderabad heard the matter and declared an interim moratorium. Shri Dantu Indu Sekhar was appointed as the Interim Resolution Professional (IRP). The respondents were directed to file a reply within two weeks, and the petitioners were given two weeks thereafter to file a rejoinder. The case was adjourned to 2021-09-08. The interim moratorium is a crucial fact as it stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any legal action or proceedings in respect of any debt.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be declared …

**Ratio:** Section 96(1)(a) of the I&B Code, 2016, mandates the commencement of an interim

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**Reasoning:** The court reasoned that since an application was filed, the interim moratorium should

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

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**Application:** The court applied this ratio to the facts of the case by declaring that the

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Varam Bio Energy…; Vysyaraju K…

## Timeline

- **2021-07-23 — 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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