# 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-03190. The case pertains to Company Petition IB/128/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03190
- **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-a6c2b928

## Summary

### Background

The case pertains to 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 through video conference on 20-04-2022. The petitioner is State Bank of India, and the respondents are Ms. K. Ramesh Reddy & Chadalvada Infratech Ltd. The court initiated 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 20-04-2022 via video conference. The court initiated an interim moratorium under Section 96(1)(a) of the I&B Code, 2016. Shri Maligi Madhusudhana Reddy was appointed as the IRP with a direction to file a report under Section 99 of the I&B Code, 2016, within 10 days. The petitioner's counsel was directed to issue notice to the respondents and file proof of service. The matter was adjourned to 13.05.2022.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be initiated …

**Ratio:** Section 96(1)(b) of the I&B Code, 2016, stipulates that during the interim-moratorium

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**Reasoning:** The court, after considering the application, determined that an interim moratorium

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**Interpretation:** Section 96 of the I&B Code provides for an interim moratorium upon the

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**Application:** The court applied the provisions of Section 96 to the facts of the case, where

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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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