# In the matter of State Bank of India Vs. V Samba Siva Rao, CP(IB)/226/2022

> NCLT judgment dated 2022-07-29. Citation: TCN-2022-NCLT-01515. The case pertains to a Company Petition (IB/226/2022) filed under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 29 Jul 2022
- **Citation:** TCN-2022-NCLT-01515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-v-samba-siva-rao-cp-a4818c5d

## Summary

### Background

The case pertains to a Company Petition (IB/226/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed by State Bank of India Stressed Assets Management Branch-II against V Samba Siva Rao. The court initiated an interim moratorium and appointed Mr. Raghu Babu Gunturu as the Resolution Professional (RP).

## Facts

State Bank of India Stressed Assets Management Branch-II filed a Company Petition (IB/226/2022) against V Samba Siva Rao under Section 95 of the IBC. The court initiated an interim moratorium commencing from the date of filing the petition. Mr. Raghu Babu Gunturu was appointed as the RP and is required to submit a report within 10 days. The Financial Creditor is directed to pay Rs. 50,000 to the RP. The case is listed for further hearing on 2022-08-29.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be initiated under Section 96(1) of the IBC upon filing of the …

**Ratio:** Section 96(1) of the IBC stipulates that an interim moratorium commences from the date of

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**Reasoning:** The court reasoned that the conditions for initiating an interim moratorium under Section

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

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**Application:** The court applied Section 96(1) to the facts of the case, initiating an interim

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## Parties

- **Judges:** DR.VENKATA…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** V Samba Si…

## Timeline

- **2022-07-29 — Hearing…**: Hearing of National Company Law Tribunal, Hyderabad Bench, held on 2022-07-29 at 02:30 PM…
- **N/A — Filing of P…**: Interim Moratorium commences from the date of filing of this Petition under Section 96(1)…

## 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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