# In the matter of Reliance Marine and Offshore Ltd. C.P. (I.B) No. 171-7-NCLT-AHM-2017

> NCLT judgment dated 2018-02-19. Citation: TCN-2018-NCLT-01799. This case involves an application (IA 52 of 2018) filed by Reliance Marine and Offshore…

- **Court:** NCLT
- **Order date:** 19 Feb 2018
- **Citation:** TCN-2018-NCLT-01799
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/reliance-marine-and-offshore-ltd-cp-ib-no-171-7-nclt-ahm-2017-63b2512a

## Summary

### Background

This case involves an application (IA 52 of 2018) filed by Reliance Marine and Offshore Limited, the Corporate Debtor, in connection with CP(IB) No. 171 of 2017. IFCI Limited initiated the Corporate Insolvency Resolution Process (CIRP) against Reliance Marine and Offshore Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IFCI Limited also filed CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited, styling itself as Financial Creditor. Reliance Marine and Offshore Limited requested an adjournment in CP(IB) No. 171 of 2017, arguing that proceedings against both the Principal Borrower (Reliance Marine) and the Corporate Guarantor (Reliance Naval) should proceed simultaneously. This request was rejected by the Adjudicating

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## Facts

IFCI Limited filed CP(IB) No. 171 of 2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Reliance Marine and Offshore Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). IFCI Limited also filed CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited, acting as a Financial Creditor. Reliance Marine and Offshore Limited requested an adjournment in CP(IB) No. 171 of 2017, arguing that proceedings against both the Principal Borrower (Reliance Marine) and the Corporate Guarantor (Reliance Naval) should proceed simultaneously. This request was rejected. Reliance Marine and Offshore Limited appealed to the NCLAT (Company Appeal No. 40 of 2018). The NCLAT noted that a similar question was pending before it.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should postpone the pronouncement of an order in CP(IB) No. 171 …

**Ratio:** The ratio is that the Adjudicating Authority has the discretion to proceed with the

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**Reasoning:** The Adjudicating Authority reasoned that the NCLAT had not granted any stay restraining

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**Interpretation:** The interpretation is that the pendency of an appeal before the NCLAT does not

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**Application:** In this case, the Adjudicating Authority applied the ratio by noting that the

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Respondents:** Reliance Marine…; IFCI…

## Timeline

- **2017-01-01 — CP(IB) No. 171/2017…**: IFCI Limited filed CP(IB) No. 171 of 2017 against Reliance Marine and Offshore Limited…
- **2017-01-01 — CP(IB) No. 172/2017…**: IFCI Limited filed CP(IB) No. 172 of 2017…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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