# In the matter of State Bank of India Vs. T Shri Ganesh, CP (IB)/ 129/2022

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03173. The case pertains to a Company Petition IB/129/2022 filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-t-shri-ganesh-cp-4393275b

## Summary

### Background

The case pertains to a Company Petition IB/129/2022 filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, State Bank of India, sought the initiation of insolvency proceedings against Ms. T. Sri Ganesh & Chadalvada Infratech Ltd. The order addresses the commencement of an interim moratorium and the appointment of an Interim Resolution Professional (IRP).

## Facts

State Bank of India filed a Company Petition (IB/129/2022) under Section 95 of the IBC, 2016, against Ms. T. Sri Ganesh & Chadalvada Infratech Ltd. The court initiated an interim moratorium, effective from the date of filing the application, as per Section 96(1)(a) of the I&B Code, 2016. This moratorium stays any legal action or proceeding pending in respect of any debt and prevents creditors from initiating any legal action or proceedings in respect of any debt. Shri Maligi Madhusudhana Reddy was appointed as the IRP and is required to submit a report within 10 days under Section 99 of the I&B Code, 2016. The petitioner's counsel is directed to notify the respondents and provide proof of service. The matter is 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, mandates the commencement of an interim

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**Reasoning:** The court reasoned that upon the filing of the application under Section 95, the interim

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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 application was filed under Section 95. Therefore, the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** T. Sri Ganesh &…

## 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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