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

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00540. 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-00540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-t-sarita-reddy-8a76663f

## 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 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 imposed, preventing legal actions against the debtor and restricting creditors from initiating new legal actions. The petitioner is directed to issue notice to the respondent and file proof of the same by way of an affidavit. The case was adjourned to 2024-01-15.

## Issues and analysis

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

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

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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 financial creditors to initiate insolvency

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**Application:** The court applied Section 95 to the facts presented by the Financial Creditor,

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## Parties

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

## Timeline

- **2023-11-29 — Hearing…**: Hearing of the National Company Law Tribunal,…
- **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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