# In the matter of Reliance Capital Ltd. IA 1,99 & 150-2023 in C.P. (IB)-1231(MB)2021

> NCLT judgment dated 2023-01-19. Citation: TCN-2023-NCLT-04999. The case involves multiple Interlocutory Applications (IAs) filed in a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 19 Jan 2023
- **Citation:** TCN-2023-NCLT-04999
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-capital-ltd-ia-199-150-2023-in-cp-ib-1231mb2021-e25728c8

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Specifically, IA 1/2023, IA 99/2023, and IA 150/2023 are being heard in C.P. (IB)/1231(MB)2021. The Reserve Bank of India (RBI) is involved as a party against Reliance Capital Ltd.

## Facts

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Reliance Capital Ltd, with the Reserve Bank of India (RBI) as a party. Several Interlocutory Applications (IAs) have been filed, including IA 1/2023, IA 99/2023, and IA 150/2023. Senior Counsels representing various parties, including the Committee of Creditors (CoC) and the Applicant, have presented their submissions. The court has heard arguments and partly heard rejoinders. The matter has been adjourned to 20.01.2023 for further hearing. Kapil Sibal appeared for CoC/Respondents Nos 2,3,4 in IA 99/2023 in IA 01/2023. Harish Salve appeared for the Applicant in IA 150/2023. Darius Khambata appeared for the Applicant in IA 99/2023 in IA 01/2023.

## Issues and analysis

### Issue 1: Whether the submissions made by the parties in IA 1/2023, IA 99/2023, and IA 150/2023 warrant …

**Ratio:** The court must consider the principles of natural justice and fairness while evaluating

…

**Reasoning:** The court heard the arguments from Senior Counsels representing various parties,

…

**Interpretation:** The legal issue involves interpreting the scope and applicability of the

…

**Application:** The ratio and reasoning apply to the specific facts of IA 1/2023, IA 99/2023,

…

## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Reserve Bank of…
- **Respondents:** Reliance Capital…

## Timeline

- **2023-01-19 — Order Shee…**: Order sheet of the…
- **2023-01-20 — Next Hearin…**: The court adjourned the…

## 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-capital-ltd-ia-199-150-2023-in-cp-ib-1231mb2021-e25728c8