# In the matter of Reliance Infratel Limited IA No. 920 of 2020 in CP (IB) No. 1385-MB-2017

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00173. The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/reliance-infratel-limited-ia-no-920-of-2020-in-cp-ib-no-1385-mb-2017-543011da

## Summary

### Background

The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan submitted by Reliance Projects & Property Management Services Limited for Reliance Infratel Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 15.05.2018. The Interim Resolution Professional (IRP) was appointed on 18.05.2018 and a public announcement was made on 21.05.2018 inviting claims from creditors. Certain shareholders challenged the admission order before the NCLAT, which initially stayed the order but later permitted the withdrawal of the appeal. The CIRP was resumed, and a fresh public announcement was made on 07.05.2019. The CoC replaced the IRP with

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Reliance Infratel Limited was initiated on 15.05.2018. Anish Niranjan Nanavaty was appointed as the Resolution Professional (RP). The RP issued Form-G on 15.07.2019, inviting expressions of interest (EOI) from prospective resolution applicants (PRAs). 15 PRAs submitted EOIs. Reliance Digital Platform & Project Services Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with a 100% voting share on 02.03.2020. A Letter of Intent (LOI) was issued on 04.03.2020. The resolution plan includes an upfront payment of INR 3,720 crores to creditors, including CIRP costs. The liquidation value of the Corporate Debtor is INR 4,339.58 Crores, and the fair market value is INR 11,149.11

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Reliance Digital Platform & Project Services Limited …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The NCLT found that the resolution plan provides for the priority payment of CIRP costs,

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair and

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Respondents:** Reliance Infratel…; Ericsson India…
- **Advocates:** Ravi K…; Gaurav…; +10 more

## Timeline

- **2018-05-15 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2018-05-18 — IRP Appoi…**: Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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