# In the matter of Bank of Baroda vs. T V Sandeep Reddy

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00544. This is a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-t-v-sandeep-reddy-01da6842

## Summary

### Background

This is a petition filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) by a Financial Creditor. The court has heard the Ld. Counsel for the Financial Creditor and perused the record.

## Facts

Bank of Baroda Ltd. filed a petition under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Mr. T.V. Sandeep Reddy, the respondent. The Financial Creditor proposed Mr. Harish Kant Kaushik as the Resolution Professional (RP). The court considered the petition and the proposal for the RP's appointment. The court then appointed Mr. Harish Kant Kaushik as the RP and directed him to submit a report under Section 99 of IBC within 10 days. An interim moratorium was imposed, preventing legal actions 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 15.01.2024.

## 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 financial creditors to initiate

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**Application:** The court implicitly found the petition maintainable by proceeding with the

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## Parties

- **Judges:** DR.VENKATA…; SHRI. SANJA…
- **Appellants:** Bank of Bar…
- **Respondents:** T.V. Sandee…
- **Advocates:** Bendi Rav…; Juber Hu…

## Timeline

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

## 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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