# In the matter of Bank of Maharashtra Vs. B Narasimha Reddy (Elite Infra Projects Private Limited) , CP (IB)/373/95/HDB/2022

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04530. The case involves a petition filed by Bank of Maharashtra against Shri. B Narasimha Reddy…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-b-narasimha-reddy-8b26f875

## Summary

### Background

The case involves a petition filed by Bank of Maharashtra against Shri. B Narasimha Reddy (Elite Infra Projects Private Limited) under Section 95 of the IBC, 2016. The petitioner sought an interim moratorium and the appointment of a Resolution Professional. The Company Petition was accompanied by the necessary documents, including a Deed of Guarantee.

## Facts

Bank of Maharashtra filed a petition against Shri. B Narasimha Reddy (Elite Infra Projects Private Limited) under Section 95 of the IBC, 2016, seeking an interim moratorium and appointment of a Resolution Professional. The petition was accompanied by a Deed of Guarantee and other necessary documents. The court found a prima facie case for granting the interim moratorium and appointing a Resolution Professional. The interim moratorium commences on the date of the application and ceases on the date of admission. During the moratorium, any legal action or proceeding pending in respect of any debt is stayed, and creditors cannot initiate any new actions. Shri. Golla Ramakantha Rao was appointed as the Resolution Professional and directed to file a report within 10 days.

## Issues and analysis

### Issue 1: Whether a prima facie case exists for ordering an interim moratorium under Section 96 of the IBC, …

**Ratio:** Section 96 of the IBC, 2016 allows for the declaration of an interim moratorium upon the

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**Reasoning:** The court perused the Company Petition and the accompanying documents, including the Deed

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**Interpretation:** The interpretation of Section 96 requires the court to assess whether the

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**Application:** The court applied Section 96 by reviewing the petition filed by Bank of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Elite Infra…; Shri. B Narasimha…
- **Advocates:** Varun A…

## Timeline

- **2023-02-20 — Hearing…**: Hearing held on…
- **2023-03-23 — Next Hearin…**: Matter listed for further…

## 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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