# In the matter of Bank of Maharashtra Vs. K Leela Kumari  (Style N Supply Private Limited) …, CP(IB)/351/95/HDB/2022

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04521. The case involves a petition filed by the Bank of Maharashtra against Smt. K Leela Kumari…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-k-leela-kumari-02cc3d80

## Summary

### Background

The case involves a petition filed by the Bank of Maharashtra against Smt. K Leela Kumari (Style N Supply Private Limited) under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner sought an interim moratorium and the appointment of a Resolution Professional. The petition was accompanied by a Deed of Guarantee.

## Facts

Bank of Maharashtra filed a petition against Smt. K Leela Kumari (Style N Supply Private Limited) under Section 95 of the IBC, 2016. The petition sought an interim moratorium and appointment of a Resolution Professional. The petition included a Deed of Guarantee. The court found a prima facie case for granting the interim moratorium and appointing a Resolution Professional. Shri. Murali Mohan Chevuturi was appointed as the Resolution Professional and directed to submit a report within 10 days. The interim moratorium was ordered to commence on the application date and cease on the admission date. The matter was listed for further hearing on 2023-03-23.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be …

**Ratio:** Section 96 of the IBC allows for an interim moratorium upon application under Section 95

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**Reasoning:** The court, after reviewing the petition and accompanying documents, including the Deed of

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**Interpretation:** Section 96 is interpreted to mean that if the application under Section 95

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**Application:** The court applied Section 96 to the facts of the case, finding that the Bank of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Style N Supply…; K Leela K…

## 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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