# In the matter of Indian Overseas Bank Vs. TG Prashanth, CP (IB)/257/95/HDB/2022

> NCLT judgment dated 2022-08-30. Citation: TCN-2022-NCLT-01223. The case pertains to CP (IB) No. 257/95/HDB/2022 under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Aug 2022
- **Citation:** TCN-2022-NCLT-01223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-overseas-bank-vs-tg-prashanth-cp-bbb135c3

## Summary

### Background

The case pertains to CP (IB) No. 257/95/HDB/2022 under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves Indian Overseas Bank as the Petitioner and Mr. TG Prashanth & M/s. Blossom Oils & Fats Limited as the Respondents. The court is considering an application under Section 95 of IBC.

## Facts

Indian Overseas Bank has filed a petition against Mr. TG Prashanth & M/s. Blossom Oils & Fats Limited under Section 95 of the IBC, 2016. The court has 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 and prevents creditors from initiating any legal action or proceedings. Ms. Mummaneni Vazra Laxmi has been appointed as the Resolution Professional (RP) and is required to file a report under Section 99 of the Code within 10 days. The Respondents are required to file a reply within two weeks, and the Petitioner may file a rejoinder within two weeks thereafter. The matter is adjourned to 26.09.2022.

## 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

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**Reasoning:** The court reasoned that the interim moratorium is a statutory requirement triggered by

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

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

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. VEERA BRAHMA…
- **Appellants:** Indian Overseas…
- **Respondents:** M/s Blossom Oils…; TG Pras…

## Timeline

- **2022-08-30 — Hearing…**: Hearing held on 30.08.2022 at…
- **2022-08-29 — RP Appointment…**: 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)

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