# In the matter of State Bank of India Vs. Ms. K Ramesh Reddy, CP (IB)/128/2022

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03170. The case pertains to a Company Petition IB/128/2022 filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ms-k-ramesh-reddy-cp-9404699f

## Summary

### Background

The case pertains to a Company Petition IB/128/2022 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 – 1. The hearing was conducted via video conference on April 20, 2022. The petitioner is State Bank of India, and the respondents are Ms. K. Ramesh Reddy & Chadalvada Infratech Ltd. The tribunal has ordered the commencement of an interim moratorium.

## Facts

State Bank of India filed a Company Petition IB/128/2022 under Section 95 of the IBC, 2016 against Ms. K. Ramesh Reddy & Chadalvada Infratech Ltd. The NCLT Hyderabad Bench-1 heard the matter on April 20, 2022, via video conference. The tribunal ordered the commencement of an interim moratorium, effective from the date of filing the application under Section 96(1)(a) of the I&B Code, 2016. This moratorium stays any legal action or proceeding pending in respect of any debt. Shri Maligi Madhusudhana Reddy is appointed as the IRP and is required to submit a report under Section 99 of the I&B Code, 2016, within 10 days. The petitioner's counsel is directed to issue notice to the respondents and file proof of service. The case is adjourned to May 13, 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, provides for the commencement of an interim

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**Reasoning:** The tribunal reasoned that the filing of the application under Section 95 triggers the

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**Interpretation:** Section 96(1)(a) is interpreted to mean that the interim moratorium is an

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**Application:** In this case, the application was filed under Section 95. Therefore, the

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Chadalvada…; K. Ramesh…

## Timeline

- **2022-04-20 — Hearing…**: Hearing held on 20-04-2022 at 10:30…
- **2022-04-20 — Interim Moratorium…**: Interim moratorium commences from the date of filing of the application under section…

## 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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