# In the matter of State Bank of India Vs. Rajya Lakshmi, CP (IB)/123/2022

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03187. The case pertains to Company Petition IB/123/2022 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-rajya-lakshmi-cp-a6524fb1

## Summary

### Background

The case pertains to Company Petition IB/123/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, State Bank of India, initiated proceedings against the respondents, Mrs. Rajya Lakshmi & Chadalvada Infratech Ltd. The matter was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench-1.

## Facts

State Bank of India filed a Company Petition IB/123/2022 against Mrs. Rajya Lakshmi & Chadalvada Infratech Ltd. under Section 95 of the IBC, 2016. Following the filing of the application, an interim moratorium commenced as per Section 96(1)(a) of the IBC. Shri Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and is required to submit a report within 10 days under Section 99 of the IBC. The court directed the petitioner to issue notice to the respondents. The case was adjourned to 13.05.2022. The interim moratorium implies that any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed, and the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.

## Issues and analysis

### Issue 1: Whether an interim moratorium commences from the date of filing of the application under section …

**Ratio:** The legal principle is that upon filing an application under Section 96(1)(a) of the

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**Reasoning:** The court's reasoning is based on the explicit provision in Section 96(1)(a) of the

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

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**Application:** In this case, the filing of the application by State Bank of India against Mrs.

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** Chadalvada…; Rajya Lakshmi &…

## 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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