Indian Overseas Bank filed an application under Section 95 of the IBC, 2016 against Mr. T G S Narayana & M/s. Blossom Oils & Fats Limited. The court initiated an interim moratorium under Section 96(1)(a) of the IBC, which stays any legal action or proceeding pending in respect of any debt during the interim-moratorium period. Ms. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP). The IRP is required to file a report under Section 99 of the Code within 10 days from the date of appointment. The respondents are required to file a reply within two weeks, and the petitioner may file a rejoinder within two weeks thereafter. The matter was adjourned to 2022-09-26. The interim moratorium is crucial as it prevents further legal actions

Indian Overseas Bank filed an application under Section 95 of the IBC, 2016 against Mr. T G S Narayana & M/s. Blossom Oils & Fats Limited. The court initiated an interim moratorium under Section 96(1)(a) of the IBC, which stays any legal action or proceeding pending in respect of any debt during the interim-moratorium period. Ms. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP). The IRP is required to file a report under Section 99 of the Code within 10 days from the date of appointment. The respondents are required to file a reply within two weeks, and the petitioner may file a rejoinder within two weeks thereafter. The matter was adjourned to 2022-09-26. The interim moratorium is crucial as it prevents further legal actions