# In the matter of Reliance Communications Infrastructure Ltd. IA 1012 of 2020
in CP (IB) 3025-MB-C-V-2019

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00085. This case involves an application filed by Patrimoine Expo Private Limited and Dr. Vikram Patil…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/reliance-communications-infrastructure-ltd-ia-1012-of-2020-in-cp-ib-3025-mb-c-v-85e80b70

## Summary

### Background

This case involves an application filed by Patrimoine Expo Private Limited and Dr. Vikram Patil against Reliance Communication Infrastructure Limited (RCIL) and others, seeking orders related to a Memorandum of Understanding (MOU) for the transfer of leasehold rights and shares in a Special Purpose Vehicle (SPV), Realsoft Cybersystems Private Limited. The applicants claim that RCIL, the corporate debtor, failed to fulfill its obligations under the MOU, specifically the transfer of shares in the SPV, despite the applicants having made a partial payment and being ready to pay the balance consideration. The applicants sought to restrain the Resolution Professional (RP) from including the assets of the SPV in the resolution plan of RCIL and to direct the transfer of equity

…

## Facts

1. Patrimoine Expo Private Limited and Dr. Vikram Patil (Applicants) entered into a Memorandum of Understanding (MOU) dated 03.02.2018 with Reliance Communication Infrastructure Limited (RCIL/Corporate Debtor) for the transfer of leasehold rights in a property and shares in a Special Purpose Vehicle (SPV). 2. RCIL was undergoing Corporate Insolvency Resolution Process (CIRP) and Mr. Anish Nanavaty was appointed as an Interim Resolution Professional (IRP). 3. The MOU stipulated that RCIL would create an SPV for the transfer of leasehold rights, and RCIL identified Realsoft Cybersystems Private Limited (Respondent No. 3) as the SPV. 4. The Applicants paid Rs. 5.50 Crores as the first installment out of Rs. 51.50 Crores as per the MOU. 5. The Applicants claim they

…

## Issues and analysis

### Issue 1: Whether the leasehold rights and shares of Respondent No. 3 (Realsoft Cybersystems Private Limited) …

**Ratio:** Section 18(f) of the Insolvency and Bankruptcy Code (I&B Code) states that the

…

**Reasoning:** The court observed that while the Corporate Debtor was the holding company of Respondent

…

**Interpretation:** The court interpreted Section 18(f) of the I&B Code to mean that the IRP/RP

…

**Application:** The court applied this interpretation to the facts of the case, finding that

…

## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Patrimoine Expo…
- **Respondents:** Reliance Communica…

## Timeline

- **2018-02-03 — MOU Exec…**: Memorandum of Understanding (MOU) executed between Patrimoine Expo Private Limited and…
- **2018-02-09 — Payment of First…**: Applicant Company made payment of Rs 5.5 crores as per MoU within six days of MoU dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/reliance-communications-infrastructure-ltd-ia-1012-of-2020-in-cp-ib-3025-mb-c-v-85e80b70