# In the matter of Nippon Life India Asset Management Ltd. & Ors. vs. Piramal Capital & Housing Finance Ltd. & Ors.

> NCLAT judgment dated 2023-07-20. Citation: TCN-2023-NCLAT-00354. The appeals were filed against an order dated 2023-02-09 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLAT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nippon-life-india-asset-management-ltd-ors-vs-piramal-capital-housing-finance-lt-a5dc6f6f

## Summary

### Background

The appeals were filed against an order dated 2023-02-09 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court II, which allowed applications filed by the Successful Resolution Applicant (SRA) to substitute itself in place of the Administrator who had filed applications under Sections 43, 44, and 66 of the Insolvency and Bankruptcy Code (IBC). The appeals challenge the substitution of the SRA, arguing that the applications under Sections 43 and 44 were filed subsequent to the approval of the Resolution Plan by the Committee of Creditors (CoC).

## Facts

Two appeals were filed against an order dated 2023-02-09 passed by the Adjudicating Authority (NCLT), Mumbai, allowing the Successful Resolution Applicant (SRA) to substitute itself for the Administrator in applications filed under Sections 43, 44, and 66 of the IBC. In Company Appeal (AT) (Ins.) No. 475-476 of 2023, the appellant argued that the applications under Sections 43 and 44 were filed after the Resolution Plan's approval by the CoC, making the substitution inappropriate. The appellant also claimed that the Resolution Plan did not provide for the SRA to prosecute these applications. In Company Appeal (AT) (Ins.) No. 488 of 2023, the appellant argued that they could not file a claim because a copy of the plan was not provided and that they had a right to set

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## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicant can be substituted in place of the Administrator to …

**Ratio:** The timeline for filing avoidance applications under Regulation 35A is not mandatory, but

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**Reasoning:** The court relied on its previous judgment in 'Kapil Wadhawan vs. Piramal Capital &

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**Interpretation:** The court interpreted that the substitution of the Successful Resolution

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**Application:** The court applied the ratio to the present case, stating that the substitution

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Nippon Life India…
- **Respondents:** Piramal Capital…

## Timeline

- **2023-02-09 — Order Date by…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court II,…
- **2023-05-15 — Judgment Date in Kapil Wadhawan vs. Piramal…**: The Appellate Tribunal issued a judgment in Company Appeal (AT) (Ins.) No. 437 of 2023,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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