# Approval of Resolution Plan - Reliance Communications Infrastructure Ltd.

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00131. The case pertains to an application filed by the Resolution Professional, Anish Niranjan…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-reliance-communications-infrastructure-ltd-a52044a5

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Anish Niranjan Nanavaty, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan for Reliance Communications Infrastructure Limited ('Corporate Debtor'). The CIRP was initiated on 25.09.2019. The resolution plan was submitted by Reliance Projects & Property Management Services Limited through its division Infrastructure Projects ('Successful Resolution Applicant/SRA').

## Facts

The CIRP was initiated against Reliance Communications Infrastructure Limited on 2019-09-25. Anish Niranjan Nanavaty was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP published a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted. Multiple CoC meetings were held. Registered valuers were appointed to determine the liquidation and fair value of the Corporate Debtor. The RP published 'Form G' inviting Expression of Interest (Eol) from Prospective Resolution Applicants (PRA). Several PRAs submitted resolution plans, including Reliance Projects & Property Management Services Limited. The RP and advisors engaged in discussions with the PRAs. The CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Reliance Projects & Property Management Services …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the requirements for a resolution plan,

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**Reasoning:** The NCLT examined the Resolution Plan and found that it provides for payment of CIRP

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**Interpretation:** The legal issue involves interpreting the provisions of Section 30(2) of the

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**Application:** The NCLT applied the provisions of Section 30(2) and Regulation 38 to the

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Anish Niranjan…
- **Respondents:** Reliance Communica…; Reliance Projects…

## Timeline

- **2019-09-25 — Initiation…**: CIRP was initiated…
- **2019-09-25 — Appointment…**: Mr. Anish Niranjan Nanavaty was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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