# In the matter of State Bank of India Vs. Manoj Kumar Agarwal, CP (IB) No. 5/95/HDB/2023

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04525. The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manoj-kumar-agarwal-cp-4609a968

## Summary

### Background

The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The State Bank of India, acting as the Financial Creditor, filed a petition against Mr. Manoj Kumar Agarwal (G S Oils Limited). The petitioner sought an interim moratorium and the appointment of a Resolution Professional.

## Facts

State Bank of India (Stressed Assets Management Branch) filed a petition against Mr. Manoj Kumar Agarwal (G S Oils Limited) under Section 95 of the IBC, 2016. The petition included a copy of the Deed of Guarantee. The petitioner requested an interim moratorium and the appointment of a Resolution Professional. The court found that the documents met the requirements of Section 95(4) of the Code, establishing a prima facie case. The court then ordered an interim moratorium and appointed Shri. Dommeti Surya Rama Krishna Saibaba as the Resolution Professional. The Resolution Professional was directed to file a report within 10 days. The interim moratorium commences from the date of the application and ceases on the date of admission of such application. During the

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## Issues and analysis

### Issue 1: Whether a prima facie case exists for ordering an interim moratorium under Section 96 of the IBC, …

**Ratio:** Section 96 of the IBC allows for an interim moratorium to protect the debtor's assets and

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**Reasoning:** The court reviewed the documents submitted by the petitioner, including the Deed of

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**Interpretation:** The interpretation of Section 96 is that upon satisfaction of the conditions

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**Application:** The court applied the ratio to the facts by determining that the documents

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** G S Oils L…; Manoj Kumar…

## Timeline

- **2023-02-20 — Hearing…**: Hearing held on…
- **2023-03-23 — Next Hearin…**: Matter listed for further…

## 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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