# In the matter of State Bank of India Vs. Mr. T Padmavathi, CP (IB)/111/2022

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03401. 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-03401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mr-t-padmavathi-cp-0fdad70d

## Summary

### Background

The case pertains to a company petition filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The State Bank of India, representing its Stressed Assets Management Branch, filed the petition against Mr. T. Padmavathi. 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/111/2022) against Mr. T. Padmavathi under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The hearing took place on April 4, 2022, via video conference. Upon filing the petition, an interim moratorium was initiated as per Section 96(1)(a) of the I&B Code, 2016. Shri Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and is required to submit a report under Section 99 of the IBC within 10 days of his appointment. The respondent, Mr. T. Padmavathi, is required to file a reply within one week, with the petitioner having 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 initiated upon the filing of a petition under Section 95 of …

**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 initiation of an interim moratorium is a statutory

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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 present case, initiating the interim

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## Parties

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

## 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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