# In the matter of State Bank of India Vs. Mr. G Subba Rao, CP (IB)/105/2022

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03399. The case pertains to a Company Petition IB/105/2022 filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mr-g-subba-rao-cp-0d19247d

## Summary

### Background

The case pertains to a Company Petition IB/105/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed by State Bank of India (Stressed Assets Management Branch) against Mr. G. Subba Rao. The hearing was held on April 4, 2022, via video conference.

## Facts

State Bank of India (Stressed Assets Management Branch) filed a Company Petition IB/105/2022 against Mr. G. Subba Rao under Section 95 of the IBC, 2016. The hearing took place on April 4, 2022, via video conference. The court initiated an interim moratorium from the date of filing the petition, referencing Section 96 (1)(a) and (b) of the I&B Code, 2016, which governs legal actions during the moratorium. Shri Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and was instructed to submit a report under Section 99 of the IBC within 10 days. The respondents were directed to file a reply within one week, and the petitioner was allowed time to file a rejoinder. The matter was adjourned to April 29, 2022. The key facts are the filing of

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## Issues and analysis

### Issue 1: Whether an interim moratorium should be commenced from the date of filing the petition under …

**Ratio:** Section 96 (1)(a) of the I&B Code, 2016, mandates the commencement of an interim

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**Reasoning:** The court reasoned that the legislative intent behind Section 96 (1)(a) is to provide a

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**Interpretation:** Section 96 (1)(a) is interpreted as a mandatory provision that automatically

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**Application:** In this case, the court applied Section 96 (1)(a) to commence the interim

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** G. Subb…
- **Advocates:** Suryanaraya…

## Timeline

- **2022-04-04 — Hearing…**: Hearing held on April 4,…
- **2022-04-04 — Interim Moratorium…**: Interim Moratorium commences from…

## 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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