# In the matter of T. Vinayak Ravi Reddy Vs. Canara Bank & Anr. Company Appeal (AT) No. 110-2017

> NCLAT judgment dated 2017-11-15. Citation: TCN-2017-NCLAT-00066. The case involves a Company Appeal (AT) (Ins) No. 110 of 2017 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 15 Nov 2017
- **Citation:** TCN-2017-NCLAT-00066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/t-vinayak-ravi-reddy-vs-canara-bank-anr-company-appeal-61b84302

## Summary

### Background

The case involves a Company Appeal (AT) (Ins) No. 110 of 2017 before the National Company Law Appellate Tribunal (NCLAT). Mr. T. Vinayak ravi Reddy filed an application for substitution as the Appellant, seeking to replace the Corporate Debtor, Deccan Chronicle Holdings Ltd, which was to be transposed as the 2nd Respondent through the Interim Resolution Professional. The application was filed in view of the Supreme Court's decision in Innoventive Industries Vs. ICICI Bank Ltd.

## Facts

Mr. T. Vinayak ravi Reddy, a shareholder and Director of the Corporate Debtor Deccan Chronicle Holdings Ltd, filed an application for substitution in Company Appeal (AT) (Ins) No. 110 of 2017. He sought to be substituted as the Appellant in place of the Corporate Debtor. The application was prompted by the Supreme Court's decision in Innoventive Industries Vs. ICICI Bank Ltd. The Corporate Debtor was to be transposed as the 2nd Respondent through the Interim Resolution Professional. The NCLAT heard the counsels for both the Appellant and the Respondent.

## Issues and analysis

### Issue 1: Whether the application for substitution of Mr. T. Vinayak ravi Reddy as the Appellant in place of …

**Ratio:** The legal principle applied is the court's discretion to allow substitution of parties in

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**Reasoning:** The court reasoned that allowing the substitution would facilitate the proper

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**Interpretation:** The interpretation involves understanding the scope of the court's power to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** T. Vinayak ravi…
- **Respondents:** Deccan Chronicle…; Canara…

## Timeline

- **2017-11-15 — Application for…**: Mr. T. Vinayak ravi Reddy filed an application for substitution as the Appellant, seeking…
- **2017-01-01 — Company Appea…**: Company Appeal (AT) (Ins)…

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