# 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-04528. 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-04528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-k-leela-kumari-a9342eec

## 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 court perused the record, including the Deed of Guarantee, and found a prima facie case for granting the interim moratorium.

## Facts

Bank of Maharashtra filed a petition against Smt. K Leela Kumari (Style N Supply Private Limited) under Section 95 of the IBC, seeking an interim moratorium and appointment of a Resolution Professional. The petition was accompanied by a Deed of Guarantee and other documents as required by Section 95(4) of the IBC. The petitioner also proposed Shri. Murali Mohan Chevuturi as the Resolution Professional, with his written consent. The court found a prima facie case for granting the interim moratorium.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be granted under Section 96 of the Insolvency and Bankruptcy …

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

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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 is

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**Application:** The court applied the ratio of Section 96 to the facts of the case, noting that

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## Parties

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

## 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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