# In the matter of Mandava Holdings Pvt. Ltd. v. PTC India Financial Services Ltd. and Ors.

> HC judgment dated 2024-12-24. Citation: TCN-2024-HC-00001. The petitioner filed a writ petition seeking a writ of Mandamus against the respondent No.1 (R.1)…

- **Court:** HC
- **Order date:** 24 Dec 2024
- **Citation:** TCN-2024-HC-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/mandava-holdings-pvt-ltd-v-ptc-india-financial-services-ltd-and-ors-31711b0a

## Summary

### Background

The petitioner filed a writ petition seeking a writ of Mandamus against the respondent No.1 (R.1) regarding a letter dated 30.10.2023, which rejected the petitioner's One Time Settlement (OTS) proposal dated 17.10.2023. The petitioner is the promoter of NSL Nagapatnam Power and Infratech Limited (NNPIL), an Insolvent Entity currently in CIRP. The cause of action arose from R.1's rejection of the petitioner's OTS without following the Reserve Bank of India Framework for Compromise Settlements and Technical Write-offs dated 08.06.2023 (RBI Framework). The petitioner also sought a direction for R.1 to reconsider the OTS submitted under the RBI Framework. NNPIL had filed for Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy

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## Facts

The petitioner, promoter of NSL Nagapatnam Power and Infratech Limited (NNPIL), which is undergoing CIRP, sought a writ of Mandamus against respondent No.1 (R.1) for rejecting its OTS proposal. NNPIL filed for CIRP on 17.11.2017 before the NCLT, Hyderabad, and it was admitted on 18.01.2018. A moratorium was declared under section 14 of the IBC. R.1/PTC India Financial Services Limited sought to be part of the CoC as a Financial Creditor, which was directed by the Supreme Court on 12.05.2022. The petitioner made an OTS proposal on 17.10.2023, rejected by R.1 on 30.10.2023. The Resolution Professional invited resolution plans on 21.11.2023, and R.3 submitted a plan on 19.02.2024, which was voted on 16.07.2024, and R.1 voted in favor on 30.07.2024. The petitioner filed

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## Issues and analysis

### Issue 1: Whether the petitioner is entitled to …

**Ratio:** The IBC is a self-contained code, and parties must adhere to its mechanisms, time frames,

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**Reasoning:** The court reasoned that the petitioner's attempt to seek an OTS with only one creditor

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**Interpretation:** The IBC's framework emphasizes a collective decision-making process involving

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**Application:** The petitioner's attempt to negotiate an OTS with R.1 after the CIRP commenced

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## Parties

- **Judges:** Moushumi Bhattacha…
- **Appellants:** Avinash Desai,…
- **Respondents:** NSL Nagapatnam…; S.Niranjan Reddy,…
- **Other parties:** Kohi…

## Timeline

- **2017-11-17 — NNPIL files f…**: NNPIL (Corporate Debtor) filed a petition for…
- **2018-01-18 — CIRP Admission and…**: The NCLT admitted the petition, and a moratorium…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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