# In the matter of Bank of Maharashtra Vs. P Srinivas (Versatile Mobile Distributors Private Limited) , CP (IB)/369/95/HDB/2022

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04529. The case pertains to a petition filed under Section 95 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-p-srinivas-5b155928

## Summary

### Background

The case pertains to a petition filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The Bank of Maharashtra, acting as the Financial Creditor/Petitioner, filed a petition against Shri. P Srinivas (Versatile Mobile Distributors Private Limited), the Respondent. The petition was accompanied by the documents required under Section 95(4) of the Code, including a Deed of Guarantee.

## Facts

The Bank of Maharashtra filed a petition against Shri. P Srinivas (Versatile Mobile Distributors Private Limited) under Section 95 of the IBC, 2016. The petition included a Deed of Guarantee. The court found that a prima facie case was made out. The court then ordered an interim moratorium and appointed Shri. Murali Mohan Chevuturi as the Resolution Professional. The Resolution Professional is required to submit a report within 10 days. The interim moratorium commences on the date of the application and ceases on the date of admission of the application. During the moratorium, any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed, and the creditors of the debtor shall not initiate any legal action or proceedings in respect of

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## 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 the Adjudicating Authority to declare an interim

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**Reasoning:** The court reviewed the Company Petition and the Deed of Guarantee and was satisfied that

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**Interpretation:** The interpretation of Section 96 involves assessing whether the application and

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**Application:** The court applied Section 96 by examining the Bank of Maharashtra's petition

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Versatile Mobile…; Shri. P Sr…

## 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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