# In the matter of Pratap Technocrats (P) Ltd. and Ors. Vs. Monitoring Committee of Reliance Infratel Limited and Anr. CA (AT) (Ins) No. 1134 of 2020

> NCLAT judgment dated 2021-01-04. Citation: TCN-2021-NCLAT-00423. The Appellants, being Operational Creditors of the Corporate Debtor, Reliance Infratel…

- **Court:** NCLAT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLAT-00423
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pratap-technocrats-p-ltd-and-ors-vs-monitoring-committee-of-reliance-infratel-li-05359aee

## Summary

### Background

The Appellants, being Operational Creditors of the Corporate Debtor, Reliance Infratel Limited, filed an appeal against the order dated December 3, 2020, passed by the Adjudicating Authority (National Company Law Tribunal, Court-I, Mumbai Bench). The Adjudicating Authority approved a Resolution Plan submitted by the Resolution Applicant, Reliance Projects and Property Management Services Limited (formerly known as Reliance Digital Platform and Project Services Limited). The Appellants challenged the order, claiming they were kept unaware of the Corporate Insolvency Resolution Process (CIRP) and that their claims were not treated fairly.

## Facts

The Appellants are Operational Creditors of Reliance Infratel Limited. The Adjudicating Authority approved a Resolution Plan submitted by Reliance Projects and Property Management Services Limited. The Appellants claimed they were unaware of the CIRP and that their claims were not treated fairly. The Appellants' claims were reduced by around 90%, with Rs.120 crores being rejected. The Respondents argued that the Appellants were treated fairly and allocated 19.62% of the upfront payment. The approved Resolution Plan ensures restructuring and revival of the Corporate Debtor. The Appellants filed claims during CIRP proceedings, and their claims were partly admitted. Operational Creditors are entitled to receive a minimum payment being not less than liquidation value.

## Issues and analysis

### Issue 1: Whether the Appellants, being Operational Creditors, were treated unfairly or inequitably in the …

**Ratio:** Operational Creditors are entitled to a minimum payment not less than the liquidation

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**Reasoning:** The NCLAT found that the Appellants were not completely ignored or left out of

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**Interpretation:** The judgment in "Swiss Ribbons Private Limited v. Union of India"

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**Application:** The Appellants, being Operational Creditors, were not entitled to the same

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## Parties

- **Judges:** Bansi Lal…; Anant Bijay…; +1 more
- **Appellants:** Pratap Technocrats…
- **Respondents:** Reliance Infratel…; Monitoring…
- **Advocates:** Ankita Sin…; Gautam S…; +9 more

## Timeline

- **2020-12-03 — Impugned…**: Order passed by the Adjudicating Authority (National Company Law Tribunal, Court-I,…
- **2021-04-01 — Order…**: The NCLAT dismissed the appeal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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