# In the matter of Reliance Capital Ltd.

> NCLT judgment dated 2023-08-21. Citation: TCN-2023-NCLT-01976. The case involves an Interlocutory Application (IA 3651/2023) within a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 21 Aug 2023
- **Citation:** TCN-2023-NCLT-01976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-capital-ltd-cf30a9a9

## Summary

### Background

The case involves an Interlocutory Application (IA 3651/2023) within a Corporate Insolvency Resolution Process (CIRP) initiated under C.P. (IB)/1231(MB)2021. The applicant, Reserve Bank of India, has not included the Committee of Creditors (CoC) as a party respondent in the application.

## Facts

The Reserve Bank of India (RBI) filed an Interlocutory Application (IA 3651/2023) in a case under the Insolvency and Bankruptcy Code, specifically C.P. (IB)/1231(MB)2021, involving Reliance Capital Ltd. The Committee of Creditors (CoC) was not initially included as a party respondent in the application. The applicant's advocate, the resolution professional's advocate, and the advocate for the Committee of Creditors were present during the hearing. The respondents agreed to forgo filing an affidavit in reply and will respond orally/verbally.

## Issues and analysis

### Issue 1: Whether the Committee of Creditors should be impleaded as a necessary party respondent in the …

**Ratio:** The principle of natural justice and the need for comprehensive adjudication require that

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**Reasoning:** The court reasoned that the Committee of Creditors, being a crucial stakeholder in the

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**Interpretation:** This interpretation emphasizes the importance of including all relevant

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**Application:** The court applied this principle by directing the Reserve Bank of India to

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Reserve Bank of…
- **Respondents:** Reliance Capital…

## Timeline

- **2023-08-21 — Order Sheet of the…**: The court heard the matter regarding IA 3651/2023. The applicant, Reserve Bank of India,…
- **2023-08-25 — Next Hearin…**: The matter is listed on Board for…

## 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)

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