Partly allowed

In the matter of Reliance Capital Ltd. Ia 631,942,1838 & 2186-2022 & Ia 1-2023, 99 & 150-2023 in C.P. (IB)-1231(MB)2021

NCLT18 Jan 2023

Case brief

AI extract

What is this about?

Partly heard applications regarding insolvency proceedings in Mumbai Bench. The bench allowed impleadment of IndusInd International Holdings Limited as a respondent and listed various interlocutory applications for future dates.

What did the court decide?

Impleadment of IndusInd International Holdings Limited as a party respondent in IA 1/2023 allowed.

In the matter of Reliance Capital Ltd. Ia 631,942,1838… — Insolvency and Bankruptcy | NCLT (2023)

¶1

NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH

¶2

Item 8

¶3

IA 1/2023 IA 99/2023 IA 150/2023 IA 631/2022 IA 942/2022 IA 1838/2022 IA 2186/2022 in C.P. (IB)/1231(MB)2021

¶4

CORAM:

¶5

SH. SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)

¶6

ORDER SHEET OF THE HEARING ON 18.01.2023

¶7

NAME OF THE PARTIES : Reserve Bank of India V/s RELIANCE CAPITAL LTD

¶8

Appearance (via video-conference):

¶9

For Applicant – IA 99 in IA 1/23 : Mr. Mukul Rohatgi, Sr Advocate, Mr. Darius Khambata and Sr. Advocate, Mr. Vikram Nankani, Sr. Advocate with

¶10

Mr. Anoop Rawat, Ms. Meghana Rajadhyaksha, Vaijyant Paliwal, Mr. Karan, Mr. Sagar Dhawan, Mr. Rishabh Jaisani, Mr. Nikhil Mathur, Mr. Harit Lakhani, Mr. Ahkam Khan, Mr. Daksh Kadian and Ms. Samidha Mathur, Advocates i/b Shardul Amarchand Mangaldas & Co. For the Applicant – IA 150 : Navroz Seervai, Senior Counsel a/w Bhumika Batra, Shadab Jan, Parita Dave, Vidhi Dhanuka and Manthan Jhaveri i/b M/s. Shailendra Kanetkar

¶11

For Respondent/Administrator –

¶12

IA 99 in IA 1/2023 : Sr Adv Ravi Kadam, Adv. Rohan Kadam a/w Adv. Abhishek Adke and Adv. Sagar Vichare i/b Adv. Abhishek Adke

¶13

For the Administrator : Sr Adv Ravi Kadam, Adv. Rohan Kadam a/w Adv. Abhishek Adke and Adv. Sagar Vichare i/b Adv. Abhishek Adke For R2 to R4 – IAs 99 in IA 1 : Sr. Adv. Kapil Sibal a/w Adv. Prateek Seksaria, Adv. Pooja Dhar, Adv. Piyush Mishra, Adv. Sanjeev Kumar, Adv. Anshul Sehgal, Adv. Divyanshu Jain, Adv. Rishabh Parikh, Adv. Anusha Nagarajan I/b Luthra & Luthra Law Offices India For the Financial Creditors : Bhalchandra Palav a/w Aniket Dighe i/b Bhal & Co- Advocates

¶14

Section 7 & 60(5) of the IBC, 2016

¶15

ORDER

¶16

Heard Ld. Sr. Advocate Mr. Ravi Kadam for the Administrator for a considerable time and has concluded their argument. Partly Heard Ld. Sr. Advocate, Mr. Kapil Sibal for CoC.

¶17

Ld. Counsel for the Torrent Investment Private Limited and the Ld. Counsel for the IndusInd International Holdings Limited are present and states that they will not withdraw from the challenge mechanism, they will continue to hold the field. The Ld. Counsel for the CoC states that they will hold the further process of extend challenge mechanism on Monday. Needless to say, that this

¶18

statement is without prejudice to the rights and contentions of all the parties.

¶19

IA 150/2023:-

¶20

Ld. Sr. Advocate, Navroz H. Seervai for the Applicant is present. This is an Application filed by the Applicant who is the Prospective Resolution Applicant of the Corporate Debtor. Limited prayer in this Application is for impleadment of IndusInd International Holdings Limited as a party respondent in IA 1 of 2023 filed by Torrent Investment Private Limited. Having considered the submissions made by the Sr. Counsel and the averments made in the Application, this Bench satisfied and, accordingly, allows the impleadment of the applicant herein as a Party Respondent in I.A. 01/2023 filed by Torrent Investment Private Limited. Applicant in I.A. 1/2023 is directed to serve a copy of the Application to the newly added respondent forthwith.

¶21

List these Interlocutory Applications bearing I.A. No. 1/2023, I.A. 99/2023 & I.A. 150/2023 on Board on 19.01.2023 . Registry is directed to list this matters on Board on the adjourned date under the Caption of ‘ Part Heard’.

¶22

IA.631/2022, IA 942/2022, IA 1838/2022 & IA 2186/2022

¶23

List these Applications on Board on 01.02.2023.

¶24

Sd/-

¶25

Sd/-

¶26

SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial) Akash

In the matter of Reliance Capital Ltd. Ia 631,942,1838 & 2186-2022 & Ia 1-2023, 99 & 150-2023 in C.P. (IB)-1231(MB)2021

Case brief

What is this about?

What did the court decide?

In the matter of Reliance Capital Ltd. Ia 631,942,1838 & 2186-2022 & Ia 1-2023, 99 & 150-2023 in C.P. (IB)-1231(MB)2021

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases