# In the matter of ICICI Bank Ltd Vs. Prakash Chand Gupta, CP IB/143/2022

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02971. The case pertains to a Company Petition IB/143/2022 filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02971
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/icici-bank-ltd-vs-prakash-chand-gupta-cp-ib1432022-9597c1c1

## Summary

### Background

The case pertains to a Company Petition IB/143/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves ICICI Bank Ltd as the petitioner and Mr. Prakash Chand Gupta & M/s. MBS Impex Pvt Ltd as the respondents. The court is considering the application and has ordered an interim moratorium.

## Facts

ICICI Bank Ltd has filed a Company Petition (IB/143/2022) under Section 95 of the IBC, 2016 against Mr. Prakash Chand Gupta & M/s. MBS Impex Pvt Ltd. The court has ordered an interim moratorium, which commences from the date of filing the application. This moratorium stays any pending legal actions or proceedings related to the debt and prevents creditors from initiating new actions. Shri Vamsi Kambhammettu is appointed as the Interim Resolution Professional (IRP) and is required to file a report under Section 99 of the IBC within 10 days. The respondents are required to file a reply within two weeks, with the petitioner having the option to file a rejoinder within two weeks thereafter. The Corporate Debtor is put under CIRP. The case is adjourned to 30.05.2022.

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## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed as per Section 96 of the IBC, 2016 upon the filing …

**Ratio:** Section 96 of the IBC, 2016 mandates an interim moratorium upon the filing of an

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**Reasoning:** The court, after perusing the record and noting the appearance of the financial

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**Interpretation:** Section 96 is interpreted to mean that upon filing an application under Section

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**Application:** In this case, the court applied Section 96 by ordering an interim moratorium

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** ICICI Ban…
- **Respondents:** MBS Impex P…; Prakash Chand…

## Timeline

- **2022-04-29 — Hearing…**: Hearing held on 29.04.2022 at…
- **2022-05-30 — Adjournmen…**: The matter stands…

## 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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