# In the matter of Indian Overseas Bank Vs. T G S Narayana, CP (IB)/255/95/HDB/2022

> NCLT judgment dated 2022-08-29. Citation: TCN-2022-NCLT-01235. The case pertains to CP (IB) No. 255/95/HDB/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Aug 2022
- **Citation:** TCN-2022-NCLT-01235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-overseas-bank-vs-t-g-s-narayana-cp-8146ed9c

## Summary

### Background

The case pertains to CP (IB) No. 255/95/HDB/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. Indian Overseas Bank is the petitioner, and Mr. T G S Narayana & M/s. Blossom Oils & Fats Limited are the respondents. The matter involves an application under Section 95 of IBC, leading to the commencement of an interim moratorium.

## Facts

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

…

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed under Section 96(1)(a) of the IBC, 2016 upon the …

**Ratio:** Section 96(1)(a) of the IBC, 2016 mandates the commencement of an interim moratorium from

…

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

…

**Interpretation:** Section 96(1)(a) is interpreted to mean that the interim moratorium is a

…

**Application:** In this case, the application was filed under Section 95. Therefore, the court

…

## Parties

- **Judges:** SH. BACHU VENKAT…; SH. VEERA BRAHMA…
- **Appellants:** Indian Overseas…
- **Respondents:** T G S Nar…

## Timeline

- **2022-08-29 — Hearing…**: Hearing held on 2022-08-29 at…
- **2022-08-29 — IRP Appoi…**: Ms. Mummaneni Vazra Laxmi appointed…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-overseas-bank-vs-t-g-s-narayana-cp-8146ed9c