# In the matter of Bank of Baroda vs. T Sarita Reddy

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00532. 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-00532
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-t-sarita-reddy-1bb6a750

## Summary

### Background

The case involves a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor, Bank of Baroda, against T. Sarita Reddy. The court has heard the Ld. Counsel for the Financial Creditor and perused the record.

## Facts

Bank of Baroda filed a petition under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) against T. Sarita Reddy. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP). The court appointed Mr. Kaushik as RP and directed him to submit a report under Section 99 of the IBC within 10 days. An interim moratorium was declared, preventing legal actions or proceedings regarding debts and prohibiting creditors from initiating any legal action or proceedings against the debtor. 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 2024-01-15.

## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor …

**Ratio:** Section 95 of the Insolvency & Bankruptcy Code, 2016, allows a financial creditor to

…

**Reasoning:** The court considered the petition filed by the Financial Creditor and perused the record,

…

**Interpretation:** Section 95 provides a mechanism for financial creditors to initiate insolvency

…

**Application:** The court's acceptance of the petition suggests that the Financial Creditor,

…

## Parties

- **Judges:** Venkata Ramakrishn…; SHRI. SANJA…
- **Appellants:** Bank of B…
- **Respondents:** T. Sarita…

## Timeline

- **2023-11-29 — Hearing…**: Hearing of the National Company…
- **N/A — Petition…**: Petition filed under Section 95…

## 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-t-sarita-reddy-1bb6a750