# In the matter of State Bank of India Vs. Sadhna Mahindru, CP (IB)/402/ND/2022

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-02529. The case involves an application filed by the Resolution Professional under Section 95 of the…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-02529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sadhna-mahindru-cp-d9bfb9c0

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 95 of the Code against the personal guarantor, Mrs. Sadhna Mahindru. The applicant's counsel submitted that the Demand Notice in Form-B has already been served to the personal guarantor.

## Facts

The Resolution Professional filed an application under Section 95 of the Code against the personal guarantor, Mrs. Sadhna Mahindru. The applicant's counsel stated that the Demand Notice in Form-B had been served to the personal guarantor. The Counsel sought an order under Section 96 & 97 IBC. The court then ordered an Interim Moratorium under section 96 and appointed Mr. Gian Chand Narang as the Insolvency Resolution Professional, requiring him to submit a report within 4 weeks. A notice was issued to the Personal Guarantor/Corporate Debtor, and the case was listed for further proceedings on 19.07.2022.

## Issues and analysis

### Issue 1: Whether to initiate an Interim …

**Ratio:** Section 96 of the Code allows for the initiation of an Interim Moratorium upon

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**Reasoning:** The court considered the application filed by the Resolution Professional and the

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**Interpretation:** Section 96 provides the legal basis for initiating an Interim Moratorium to

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**Application:** Given the application by the Resolution Professional and the service of the

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** State Bank of…
- **Respondents:** Sadhna Ma…

## Timeline

- **2022-05-31 — Order Del…**: Order delivered by the…
- **2022-07-19 — Further Proc…**: Case listed for further…

## 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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