# In the matter of Nippon Life India Asset Management Ltd., Reliance India Realty Opportunities LLP & Vistra ITCL India Ltd. C.P. (IB) No. 52-BB-2022

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02309. The case involves an application filed by Vistra ITCL India Limited, the Debenture Trustee, on…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nippon-life-india-asset-management-ltd-reliance-india-realty-opportunities-llp-v-6c5f313f

## Summary

### Background

The case involves an application filed by Vistra ITCL India Limited, the Debenture Trustee, on behalf of the Debenture Holders, including Nippon Life India Asset Management Limited and Reliance India Realty Opportunities LLP, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The application seeks to initiate an Insolvency Resolution Process against Mr. Chandrashekar Hariharan and Mrs. Kanchan Kaur, who are the Personal Guarantors for loan facilities extended to Corporate Debtors: BCIL Red Earth Developers India Private Limited, Biodiversity Conservation India Private

…

## Facts

Vistra ITCL India Limited, acting as Debenture Trustee for Debenture Holders including Nippon Life India Asset Management Limited and Reliance India Realty Opportunities LLP, filed an application to initiate Insolvency Resolution Process against Mr. Chandrashekar Hariharan and Mrs. Kanchan Kaur, the Personal Guarantors for loan facilities extended to BCIL Red Earth Developers India Private Limited, Biodiversity Conservation India Private Limited, and BCIL Zed Ria Properties Private Limited (Corporate Debtors). The Debenture Holders invested in the Corporate Debtor as per the Debenture Subscription Agreement dated 2014-01-17. The Corporate Debtors and Obligors agreed to execute a Debenture Trust Deed with IL&FS Trust Company Limited. The Corporate Debtors defaulted

…

## Issues and analysis

### Issue 1: Whether the application to initiate Insolvency Resolution Process against the Personal Guarantors …

**Ratio:** Section 95(1) of the IBC allows a creditor to apply for initiating an insolvency

…

**Reasoning:** The court considered the application filed by the Financial Creditors under Section 95(1)

…

**Interpretation:** Section 95(1) provides the legal basis for creditors to initiate insolvency

…

**Application:** The Financial Creditors, acting through the Debenture Trustee, filed the

…

## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Nippon Life India…
- **Respondents:** BCIL Red Earth…; Chandrashekar…

## Timeline

- **2014-01-17 — Debenture Subscription…**: Debenture Holders decided to invest in the Corporate Debtor as per the Debenture…
- **2017-04-12 — Demand Notice…**: Demand Notice issued to the Personal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

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-division-bench-court-i-chenn/nippon-life-india-asset-management-ltd-reliance-india-realty-opportunities-llp-v-6c5f313f