# In the matter of Reliance Broadcast Network Ltd.

> NCLT judgment dated 2024-05-06. Citation: TCN-2024-NCLT-01426. The case involves an application (I.A No. 5572 of 2023) filed in CP (IB) No. 310 of 2022 by…

- **Court:** NCLT
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-NCLT-01426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-broadcast-network-ltd-5e805cfc

## Summary

### Background

The case involves an application (I.A No. 5572 of 2023) filed in CP (IB) No. 310 of 2022 by Abhijit Realtor & Infraventures Pvt. Ltd. and Entertainment Network (India) Ltd. against Mr. Rohit Mehra (Resolution Professional of Reliance Broadcast Networks Ltd.) and the Committee of Creditors (Reliance Broadcast Network Ltd.). The applicants, unsuccessful resolution applicants, sought reliefs including setting aside the decision of the CoC to approve another resolution plan and directing the RP to re-commence the resolution plan approval process. The CIRP was initiated against Reliance Broadcast Network Ltd. based on an order dated 24th February 2023. The applicants raised objections regarding the challenge process, eligibility of the successful resolution applicant

…

## Facts

On February 24, 2023, CIRP was initiated against Reliance Broadcast Network Ltd. IRP was appointed and later confirmed as RP. Invitations for Expressions of Interest (EoI) were issued on April 14, 2023. Abhijit Realtors & Infraventures Pvt. Ltd. and Entertainment Network (India) Ltd. submitted their EoIs on May 20 and May 31, 2023, respectively. The applicants were informed on June 10, 2023, that they were included in the list of Prospective Resolution Applicants (PRAs). The applicants found gaps in the Virtual Data Room (VDR). The Respondent No. 1/RP provided an information memorandum and published the request for resolution plan (RFRP) on June 15, 2023. The applicants submitted their resolution plans on September 8, 2023. On October 12, 2023, the applicants were

…

## Issues and analysis

### Issue 1: Whether the applicants' objections to the eligibility of the successful resolution applicant (SRA) …

**Ratio:** Regulation 36A (11) of the CIRP Regulations prescribes a time period of five days from

…

**Reasoning:** The court observed that the applicants raised their objections to the eligibility of the

…

**Interpretation:** Regulation 36A (11) sets a strict timeline for raising objections to the

…

**Application:** The court applied the ratio to the facts of the case and found that the

…

## Parties

- **Judges:** Madhu S…; Reeta K…
- **Appellants:** Abhijit Realtor &…
- **Respondents:** Reliance Broadcast…; Rohit M…

## Timeline

- **2023-02-24 — Initiation…**: CIRP was initiated against…
- **2023-04-14 — Invitation…**: Invitations for Expressions of…

## 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-division-bench-court-i-chenn/reliance-broadcast-network-ltd-5e805cfc