# In the matter of State Bank of India Vs. Sri Kailashchandra Sukanraj Jain, CP (IB) No. 141/95/HBD/2021

> NCLT judgment dated 4 Aug 2021. Citation: TCN-2021-NCLT-01485. The case pertains to a Company Petition/Application filed under Section 95 of the IBC…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01485
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/state-bank-of-india-vs-sri-kailashchandra-sukanraj-jain-cp-0f21a48a

## Summary

### Background

The case pertains to a Company Petition/Application filed under Section 95 of the IBC (Insolvency and Bankruptcy Code). The interim moratorium commences from the date of filing of the petition under Section 96(1)(a) of the I&B Code, 2016. Legal actions are governed under Section 96(1)(b) of IBC.

## Facts

R E Cables & Conductors Pvt Ltd is the company in question. State Bank of India is the petitioner. Kailash Chandra Sukanraj Jain & RE Cables & Conductors Pvt Ltd are the respondents. The petition is filed under Section 95 of the IBC. An interim moratorium commences from the date of filing the petition. Any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed. The creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt. Shri Krishna Mohan Gollamudi is appointed as IRP and is required to file a report under Section 99 of the IBC within 10 days. The respondents are required to file a reply within two weeks, and the petitioner is to file a rejoinder within two weeks thereafter.

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## Issues and analysis

### Issue 1: Whether an interim moratorium should be commenced following the filing of the petition under …

**Ratio:** Section 96(1)(a) of the I&B Code, 2016 stipulates that an interim moratorium

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**Reasoning:** The court reasoned that the interim moratorium is a statutory consequence of filing a

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**Interpretation:** Section 96(1)(a) is interpreted to mean that upon filing a petition, an interim

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**Application:** Given the filing of the petition, the court applied Section 96(1)(a) and

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## Parties

- **Judges:** Shrimadan…; VEERA BRAHMA RAO…
- **Appellants:** State Bank of…
- **Respondents:** RE Cables &…; Kailash Chandra…
- **Advocates:** Sandhya…

## Timeline

- **2021-08-04 — Hearing…**: Hearing held on…
- **N/A — 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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