# In the matter of State Bank of India Vs. Mr. CH Ravindra Babu, CP (IB)/101/2022

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03400. The case pertains to a Company Petition (IB/101/2022) filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mr-ch-ravindra-babu-cp-86dfc756

## Summary

### Background

The case pertains to a Company Petition (IB/101/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench. State Bank of India (Stressed Assets Management Branch) is the petitioner, and Mr. CH Ravindra Babu is the respondent.

## Facts

State Bank of India (Stressed Assets Management Branch) filed a petition (IB/101/2022) against Mr. CH Ravindra Babu under Section 95 of the IBC, 2016. Following the filing of the petition, the NCLT, Hyderabad Bench, initiated an interim moratorium as per Section 96(1)(a) of the IBC. The order specifies that any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed, and the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt during the interim-moratorium period. Shri Maligi Madhusudhana Reddy was appointed as the IRP and is required to submit a report under Section 99 of the IBC within 10 days of his appointment. The respondent is required to file a reply within one week, and the

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## Issues and analysis

### Issue 1: Whether an interim moratorium should be commenced following the filing of a petition under Section …

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

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**Reasoning:** The court reasoned that the legislative intent behind Section 96 is to provide a period

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**Interpretation:** Section 96 is interpreted to mean that the interim moratorium is a mandatory

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**Application:** In this case, the filing of the petition by State Bank of India triggered the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** Mr.CH Ravindra…

## Timeline

- **2022-04-04 — Hearing…**: Hearing held on 2022-04-04 at…
- **N/A — Interim Moratorium…**: Interim Moratorium commences from the date of filing of the petition under Section 96 (1)…

## 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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