# In the matter of State Bank of India Vs. V Subbarao, CP (IB)/103/2022

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03398. The case involves a company petition filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-v-subbarao-cp-9df902e3

## Summary

### Background

The case involves a company petition filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, by State Bank of India against Chadlvada infratech Ltd. The petition seeks initiation of insolvency proceedings against the corporate debtor.

## Facts

State Bank of India filed a company petition (IB/103/2022) under Section 95 of the IBC, 2016, against Chadlvada infratech Ltd. The court has initiated an interim moratorium, effective from the date of filing the petition, as per Section 96(1)(a) of the I&B Code, 2016. Shri Maligi Madhusudhana Reddy has been appointed as the Interim Resolution Professional (IRP) and is required to submit a report under Section 99 of the IBC within 10 days of his appointment. The respondents are required to file a reply within one week, and the petitioner has one week thereafter to file a rejoinder. The case is adjourned to 29.04.2022.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be imposed following the filing of a petition under Section 95 …

**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 the interim moratorium is a statutory requirement triggered by

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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 court applied Section 96(1)(a) by ordering the commencement

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** State Bank of…
- **Respondents:** Chadlvada…; Mr.V.Sub…

## Timeline

- **2022-04-04 — Hearing…**: Hearing held on 04-04-2022 at…
- **2022-04-04 — Interim Moratorium…**: Interim Moratorium commences from the date of filing of the 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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