# 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-03164. The case pertains to a Company Petition filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03164
- **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-60f85bb4

## Summary

### Background

The case pertains to a Company Petition filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter concerns an application for initiating an interim moratorium.

## Facts

State Bank of India filed a Company Petition IB/130/2022 under Section 95 of the IBC, 2016 against Ms. K. Suresh Reddy & Chadalvada Infratech Ltd. The court initiated an interim moratorium as per Section 96(1)(a) of the I&B Code, 2016. Shri Maligi Madhusudhana Reddy was appointed as the IRP and directed to submit a report within 10 days. The petitioner's counsel was instructed to notify the respondents and provide proof of service. The case was adjourned to 13.05.2022.

## Issues and analysis

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

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

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**Reasoning:** The court observed that the interim moratorium commences from the date of filing the

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

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**Application:** Upon the filing of the application by State Bank of India, the interim

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** Chadalvada…; K. Suresh Reddy &…
- **Advocates:** Alluri Krishnam…; Maligi Madhusudhan…

## 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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