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

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00525. 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-00525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-g-sulochanamma-a028d26b

## Summary

### Background

The case involves a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor. The court has heard the counsel for the Financial Creditor and examined the records.

## Facts

Bank of Baroda Ltd. filed a petition under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Mrs. G. Sulochanamma. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP). The court appointed Mr. Kaushik as the RP and directed him to submit a report under Section 99 of the IBC within 10 days. An interim moratorium was declared, effective from the date of filing the petition, with the condition that 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 Respondent and file proof of the same by way of an Affidavit.

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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 of the IBC provides a mechanism for creditors to recover debts from

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**Application:** The Financial Creditor, Bank of Baroda Ltd., filed the petition against Mrs. G.

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## Parties

- **Judges:** DR.VENKATA…; SHRI. SANJA…
- **Appellants:** Bank of Bar…
- **Respondents:** G. Suloch…
- **Advocates:** Bendi Rav…; Bikki Ravindra…

## Timeline

- **2023-11-29 — Hearing…**: Hearing held on…
- **2024-01-15 — Adjournmen…**: Matter adjourned to…

## 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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