# In the matter of Abhijit Realtors & Infraventures Pvt. Ltd. & Anr vs. Rohit Mehra

> NCLAT judgment dated 2024-12-23. Citation: TCN-2024-NCLAT-00003. These five appeals arise from the Corporate Insolvency Resolution Process (CIRP) of Reliance…

- **Court:** NCLAT
- **Order date:** 23 Dec 2024
- **Citation:** TCN-2024-NCLAT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-realtors-infraventures-pvt-ltd-anr-vs-rohit-mehra-365ad163

## Summary

### Background

These five appeals arise from the Corporate Insolvency Resolution Process (CIRP) of Reliance Broadcast Network Limited. The unsuccessful Resolution Applicants, including Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd., challenged the orders passed by the National Company Law Tribunal, Mumbai Bench, dated 06.05.2024, in various IAs. The Adjudicating Authority approved the Resolution Plan submitted by Sapphire Media Ltd. (Respondent No.3). The appeals challenge the approval of the resolution plan and the rejection of objections raised by the appellants regarding irregularities in the challenge process and the eligibility of the Successful Resolution Applicant (SRA).

## Facts

Reliance Broadcast Network Limited was admitted into CIRP following an application by IDBI Trusteeship Services Ltd. The RP issued Form-G, inviting Expressions of Interest (EoI). Abhijit Realtors & Infraventure Pvt. Ltd. and Creative Channel Advertising & Marketing Pvt. Ltd. submitted Eols. Six Resolution Plans were received. Abhijit Realtors & Infraventure Pvt. Ltd. bid Rs.80.20 crores, Creative Channel Advertising & Marketing Pvt. Ltd. bid Rs.100 crores, Entertainment Network (India) Limited (“ENIL”) bid Rs.37.17 crores, and Sapphire Media Ltd. bid Rs.104.28 crores. The CoC decided to hold a Challenge Process. On 12.10.2023, the RP issued a Challenge Process Document. The base price was INR 240 crores. On 27.10.2023, the 10th CoC Meeting Challenge

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## Issues and analysis

### Issue 1: Whether the Challenge Process conducted by the Resolution Professional on 27.10.2023 was not in …

**Ratio:** The Resolution Professional has the right to discuss and negotiate terms of the

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**Reasoning:** The court found that the Challenge Process was conducted in accordance with the CIRP

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**Interpretation:** Regulation 39(1A) of the CIRP Regulations allows a Resolution Professional to

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**Application:** The court determined that the Resolution Professional acted within the bounds

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Abhijit Realtors…
- **Respondents:** Reliance Broadcast…; Rohit M…

## Timeline

- **2023-02-24 — Admission t…**: Reliance Broadcast Network Limited was admitted to the CIRP on an Application filed by…
- **2023-04-14 — Invitation for…**: The RP issued Form-G inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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