# In the matter of Reliance Capital Ltd.

> NCLT judgment dated 2024-08-08. Citation: TCN-2024-NCLT-00850. The case involves IA 3853/2024 in C.P. (IB)/1231(MB)2021 before the National Company Law…

- **Court:** NCLT
- **Order date:** 8 Aug 2024
- **Citation:** TCN-2024-NCLT-00850
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-capital-ltd-43a40011

## Summary

### Background

The case involves IA 3853/2024 in C.P. (IB)/1231(MB)2021 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by the Successful Resolution Applicant seeking modification of an order dated 23.07.2024 passed by the Tribunal in IA No. 2561/2024. The applicant, administrator, and CoC made submissions. The applicant requested an extension/relaxation of certain timelines. The SRA is ready to transfer Rs. 250 Crores and Rs. 2500 Crores in onshore and offshore CoC designated accounts within 48 hours and tender the binding terms sheet in relation to debt component before the Monitoring Committee.

## Facts

The Reserve Bank of India initiated a corporate insolvency resolution process against Reliance Capital Ltd. An application (IA 3853/2024) was filed by the Successful Resolution Applicant (SRA) seeking modification of an order dated 23.07.2024. The SRA proposed to transfer Rs. 250 Crores to an onshore account and Rs. 2500 Crores to an offshore account within 48 hours. The SRA also committed to submitting a binding terms sheet related to the debt component to the Monitoring Committee. The Committee of Creditors (CoC) was involved in designating the escrow accounts. The Tribunal considered extending or relaxing certain timelines. The Tribunal passed an interim order requiring the applicant to deposit the funds into designated escrow accounts within 48 hours and submit the

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## Issues and analysis

### Issue 1: Whether the Tribunal should grant the modification sought by the Successful Resolution Applicant …

**Ratio:** The Tribunal has the power to modify its orders to ensure the smooth and efficient

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**Reasoning:** The Tribunal considered the submissions of the applicant, administrator, and CoC. The

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**Interpretation:** This issue involves the interpretation of the Tribunal's powers under the

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**Application:** The Tribunal applied its discretion to grant a partial modification by issuing

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Abhishek S…
- **Respondents:** Reliance Capital…; Gaurav…

## Timeline

- **2024-07-23 — Order Da…**: Tribunal passed an order in IA No. 2561/2024, which the Successful Resolution Applicant…
- **2024-08-08 — Hearing…**: Order sheet of the…

## 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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