# In the matter of Bank of Baroda vs. J Susheela Reddy

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00546. 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-00546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-j-susheela-reddy-a49875c4

## 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 perused the record.

## Facts

A petition was filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor, Bank of Baroda, against Mrs. J Susheela Reddy. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP). 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 was imposed, staying legal actions or proceedings pending in respect of any debt and preventing creditors of the debtor from initiating 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. The matter is adjourned to 15.01.2024.

## Issues and analysis

### Issue 1: Whether the proposed Resolution …

**Ratio:** Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) allows a Financial

…

**Reasoning:** The court considered the proposal by the Financial Creditor and found it appropriate to

…

**Interpretation:** Section 95 of IBC provides the mechanism for initiating insolvency proceedings

…

**Application:** The court applied Section 95 of IBC and appointed Mr. Harish Kant Kaushik as

…

## Parties

- **Judges:** DR.VENKATA…; SHRI. SANJA…
- **Appellants:** Bank of B…
- **Respondents:** J Susheela…

## Timeline

- **2023-11-29 — Hearing…**: Hearing of the National Company Law…
- **N/A — RP Appoin…**: Mr. Harish Kant Kaushik…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-j-susheela-reddy-a49875c4