# In the matter of Bank of Baroda vs. G Sulochanamma

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00541. The case involves a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-g-sulochanamma-89f3ec30

## Summary

### Background

The case involves a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP).

## Facts

A petition was filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP). The court heard the counsel for the Financial Creditor and perused the record. The court appointed Mr. Harish Kant Kaushik as RP and directed him to submit a report under Section 99 of IBC within 10 days. An interim moratorium commenced from the date of filing the petition under Section 95 of I&B Code, 2016. Any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed, and the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. The petitioner is directed to issue notice to the

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) is …

**Ratio:** Section 95 of the IBC allows a financial creditor to initiate insolvency resolution

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**Reasoning:** The court considered the petition filed by the Financial Creditor under Section 95 of the

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**Interpretation:** Section 95 provides a mechanism for creditors to recover debts from individual

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**Application:** The Financial Creditor filed the petition under Section 95, indicating that the

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## Parties

- **Judges:** DR.VENKATA…; SHRI. SANJA…
- **Appellants:** Bank of Bar…
- **Respondents:** G. Suloch…

## Timeline

- **2023-11-29 — Hearing…**: Hearing of the National Company…
- **2024-01-15 — Adjournmen…**: The matter is adjourned…

## 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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