# In the matter of IDBI Bank Ltd Vs. Manjubala Khandelwal, CP (IB) No. 118/95/AMR/2022

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00013. A Company Petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC)…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/idbi-bank-ltd-vs-manjubala-khandelwal-cp-11cd9b64

## Summary

### Background

A Company Petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Financial Creditor. The court heard submissions from the Counsel for the Financial Creditor and reviewed the Company Petition.

## Facts

A company petition was filed by the Financial Creditor under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Financial Creditor proposed Mr. Naga Bhushan Bhagawati as the Resolution Professional (RP), who has Registration No. IBBI/IPA-001/IP-P00032/2016-17/10085. The court appointed Mr. Bhagawati as RP and directed him to submit a report under Section 99 of IBC within 10 days. An interim moratorium commences from the date of filing the petition under Section 96(1)(a) of the I&B Code, 2016. The petitioner is directed to issue notice to the respondent and file proof of the same by way of an affidavit. The matter is listed on 16.01.2023 for filing the report of the RP.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) should …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) allows a financial creditor

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**Reasoning:** The court heard submissions from the Counsel for the Financial Creditor and perused the

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**Interpretation:** Section 95 provides the mechanism for a financial creditor to initiate

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**Application:** The court considered the application filed by the Financial Creditor under

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** IDBI…
- **Respondents:** Andhra Ferro…; Manjubala…

## Timeline

- **2022-12-23 — Hearing…**: Hearing held on…
- **2023-01-16 — Next Hearin…**: Matter listed on 16.01.2023…

## 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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