# In the matter of State Bank of India Vs. Ms. K Suresh Reddy, CP (IB)/130/2022

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03171. The case pertains to a Company Petition (IB/130/2022) filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ms-k-suresh-reddy-cp-10af7913

## Summary

### Background

The case pertains to a Company Petition (IB/130/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed by State Bank of India against Ms. K. Suresh Reddy & Chadalvada Infratech Ltd. The hearing was held on 20-04-2022 via video conference.

## Facts

State Bank of India filed a Company Petition (IB/130/2022) against Ms. K. Suresh Reddy & Chadalvada Infratech Ltd. under Section 95 of the IBC, 2016. The court, after hearing the learned counsel for the petitioner, noted the commencement of the interim moratorium under Section 96(1)(a) of the I&B Code, 2016. Shri Maligi Madhusudhana Reddy was appointed as the IRP and directed 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. The commencement of the interim moratorium is a key fact, as it stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any

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## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed 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 court acknowledged that the interim moratorium commences from the date of filing of

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**Interpretation:** Section 96(1)(a) is interpreted to mean that upon filing of an application

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**Application:** In this case, the court recognized the commencement of the interim moratorium,

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** Chadalvada…; K. Suresh…

## Timeline

- **2022-04-20 — Hearing…**: Hearing held on 20-04-2022 at 10:30…
- **2022-05-13 — Adjournmen…**: The matter stands…

## 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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