# In the matter of State Bank of India Vs. Mr. M Haranadha Babu, CP (IB)/107/2022

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03393. The case pertains to a company petition filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mr-m-haranadha-babu-cp-e55d4532

## Summary

### Background

The case pertains to a company petition 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. M.Haranadha Babu. The hearing was held on April 4, 2022, via video conference.

## Facts

State Bank of India (Stressed Assets Management Branch) filed a company petition against Mr. M.Haranadha Babu under Section 95 of the IBC, 2016. The hearing took place on April 4, 2022. The court initiated an interim moratorium from the date of filing the petition, as per Section 96(1)(a) of the I&B Code, 2016. Legal actions are governed under Section 96(1)(b) of IBC. Shri Maligi Madhusudhana Reddy was appointed as the IRP and is required to submit a report within 10 days under Section 99 of IBC. The respondents have one week to file a reply, and the petitioner has one week thereafter to file a rejoinder. The matter was adjourned to April 29, 2022.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be commenced under Section 96(1)(a) of the I&B Code, 2016, …

**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 upon filing a petition under Section 95 of the IBC, the interim

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**Interpretation:** Section 96(1)(a) is interpreted to provide immediate protection to the debtor

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**Application:** The court applied Section 96(1)(a) to the facts of the case, ordering the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** M.Haranadh…

## Timeline

- **2022-04-04 — Hearing…**: Hearing held on 04-04-2022 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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