# In the matter of Vistra ITCL (India) Ltd. vs. Torrent Investments Pvt. Ltd. & Ors. Company Appeal (AT) (Insolvency) No. 132,133,134 & 139 of 2023

> NCLAT judgment dated 2023-03-02. Citation: TCN-2023-NCLAT-00690. The case involves appeals against an order dated 02.02.2023 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLAT-00690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vistra-itcl-india-ltd-vs-torrent-investments-pvt-ltd-ors-company-appeal-01353563

## Summary

### Background

The case involves appeals against an order dated 02.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, concerning the Corporate Insolvency Resolution Process (CIRP) of Reliance Capital Limited. The appellants in Company Appeal (AT) (Ins.) No. 132, 133 & 134 of 2023 are financial creditors, while Company Appeal (AT) (Ins.) No. 139 of 2023 was filed by IndusInd International Holdings Ltd., a resolution applicant. The core dispute revolves around the validity of an extended challenge mechanism proposed by the Committee of Creditors (CoC) after an initial challenge mechanism had already concluded, and whether this violates Regulation 39(1A) of the CIRP Regulations. The Adjudicating Authority had previously interdicted the

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## Facts

1. On 29.11.2021, the Reserve Bank of India superseded the Board of Directors of Reliance Capital Limited (Corporate Debtor) and appointed Shri Y. Nageswara Rao as the Administrator.
2. On 06.12.2021, the National Company Law Tribunal, Mumbai Bench initiated Corporate Insolvency Resolution Process against the Corporate Debtor.
3. On 18.02.2022, the Administrator issued an invitation for Expression of Interest.
4. On 26.04.2022, the Administrator issued the Request for Resolution Plan (RFRP).
5. RFRP was reissued on 22.10.2022, with the last date for submission of the Resolution Plan being 28.11.2022. Four Resolution Applicants submitted their signed plans: Torrent Investments Pvt. Ltd., IndusInd International Holding Ltd., Cosmea Financial and Piramal Group, and Oaktree

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## Issues and analysis

### Issue 1: Whether the Appellant - Vistra ITCL (India) Ltd. has no appropriate authority to pursue the present …

**Ratio:** The right to appeal is vested in a financial creditor who is a member of the CoC,

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**Reasoning:** The NCLAT examined the records and found that the appeal was filed through Supratik

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**Interpretation:** The authority to file an appeal is determined by the internal governance

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**Application:** Vistra ITCL (India) Ltd., as a financial creditor and member of the CoC holding

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Vistra ITCL (…; Vistra ITCL…
- **Respondents:** Reliance Capital…; Torrent Investment…
- **Advocates:** Kapil S…; Pooja…; +10 more

## Timeline

- **2021-11-29 — RBI Supersedes Board of…**: Reserve Bank of India superseded the Board of Directors of Reliance Capital Limited…
- **2021-12-06 — CIRP Init…**: National Company Law Tribunal, Mumbai Bench initiated Corporate Insolvency Resolution…

## 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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