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

> NCLT judgment dated 2023-01-23. Citation: TCN-2023-NCLT-04950. The case involves applications listed to consider whether an interim order, in force since…

- **Court:** NCLT
- **Order date:** 23 Jan 2023
- **Citation:** TCN-2023-NCLT-04950
- **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-f1e9b804

## Summary

### Background

The case involves applications listed to consider whether an interim order, in force since 03.01.2023 and a subsequent statement by the Committee of Creditors (CoC), can be continued until the final disposal of the applications. The interim order was initially passed on 03.01.2023 and continued on 16.01.2023. IndusInd International Holdings Limited (IIHL) stated they would not withdraw from the challenge mechanism. The CoC initially agreed to hold the extended challenge mechanism until Monday, but later expressed unwillingness to continue its statement. The matter was listed to consider the limited aspect of continuing the interim order.

## Facts

The National Company Law Tribunal (NCLT), Mumbai Bench, is hearing IA 1/2023, IA 99/2023, and IA 150/2023 in C.P. (IB)/1231(MB)/2021 involving Reserve Bank of India (RBI) versus Reliance Capital Ltd. The core issue is whether an interim order, in effect since January 3, 2023, and a subsequent statement by the Committee of Creditors (CoC) should be extended until the applications are fully resolved. An interim order was initially passed on 03.01.2023 and continued on 16.01.2023. IndusInd International Holdings Limited (IIHL) has stated they will not withdraw from the challenge mechanism. The CoC initially agreed to hold the extended challenge mechanism until Monday but later expressed unwillingness to continue its statement. The applications have been heard on merits

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## Issues and analysis

### Issue 1: Whether the interim order in force since 03.01.2023 and the subsequent statement made on behalf of …

**Ratio:** The ratio is based on the court's discretion to maintain the status quo pending a final

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**Reasoning:** The court reasoned that since the applications have been heard on merits and are closed

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**Interpretation:** The interpretation involves balancing the interests of all parties involved in

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Reserve Bank of…
- **Respondents:** Reliance Capital…

## Timeline

- **2023-01-03 — Interim Order…**: Detailed order was passed…
- **2023-01-16 — Interim Order…**: Interim order ordered to…

## 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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