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NATIONAL COMPANY LAW TRIBUNAL
Prabhat Kumar, Member (Technical), Sushil Mahadeorao Kochey, Member (Judicial)
Patanjali Foods Ltd – Appellant
Versus
ICICI Bank Ltd – Respondent
| Table of Content |
|---|
| 1. filing of insolvency petition. (Para 1 , 3 , 10) |
| 2. arguments regarding moratorium declaration. (Para 2 , 27 , 30) |
| 3. court's interpretation of effective moratorium. (Para 18 , 19 , 21) |
| 4. emphasis on express moratorium declaration. (Para 25 , 28 , 29) |
| 5. final decision rendered on applications. (Para 36) |
ORDER
1. The Interlocutory Application IA 1983 of 2025 is filed on 1.5.2025 by Patanjali Foods Limited (Formerly Known as Ruchi Soya Industries Limited) under Section 60 (5) read with Section 14 of the Insolvency and Bankruptcy Code, 2016 ('IBC/Code") along with Rule 11 of the National Company Law Tribunal Rules, 2016 ("NCLT Rules") inter alia seeking a declaration that the moratorium qua the Applicant in the captioned Company Petition is effective from the insolvency commencement date i.e. 08.12.2017, and reversal of certain transactions caused and effectuated by ICICI Bank Ltd. (‘Respondent’) consequentially becoming barred under of the Code. The Applicant has made following prayers :
a) Declare that moratorium in terms of Section 14 of the Code takes effect from the insolvency commencement date i.e. 08.12.2017;
b) Direct the Respondent to reverse the amount of
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