# In the matter of ICICI Bank Ltd Vs. Sukesh Gupta, CP IB/145/2022

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02968. The case pertains to Company Petition IB/145/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02968
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/icici-bank-ltd-vs-sukesh-gupta-cp-ib1452022-caa10dd5

## Summary

### Background

The case pertains to Company Petition IB/145/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves ICICI Bank Ltd as the petitioner and Mr. Sukesh Gupta & M/s. MBS Impex Pvt Ltd as the respondents. The court is considering the application and has issued an interim moratorium.

## Facts

ICICI Bank Ltd has filed a Company Petition (IB/145/2022) under Section 95 of the IBC, 2016 against Mr. Sukesh Gupta & M/s. MBS Impex Pvt Ltd. The court is considering the application and has issued an interim moratorium. The interim moratorium commences from the date of filing the application under Section 96(1)(a) of the IBC, 2016. Shri Vamsi Kambhammettu has been 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. The Corporate Debtor (CD) is put under Corporate Insolvency Resolution Process (CIRP). The matter is adjourned to 30.05.2022. The interim moratorium, as per Section 96 of IBC, stays any legal action or

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## Issues and analysis

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

**Ratio:** Section 96(1)(a) of the IBC, 2016 stipulates that an interim moratorium commences from

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**Reasoning:** The court reasoned that upon filing an application under Section 95 of the IBC, the

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**Interpretation:** Section 96 is interpreted to mean that the interim moratorium is an automatic

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**Application:** In this case, the court applied Section 96(1)(a) by ordering an interim

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## Parties

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

## 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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