# In the matter of Reliance Capital Ltd. IA 631,942,1838 & 2186-2022 & IA 1-2023, 99 & 150-2023 in C.P. (IB)-1231(MB)2021

> NCLT judgment dated 2023-01-18. Citation: TCN-2023-NCLT-05001. The case involves multiple Interlocutory Applications (IAs) related to the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 18 Jan 2023
- **Citation:** TCN-2023-NCLT-05001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-capital-ltd-ia-6319421838-2186-2022-ia-1-2023-99-150-2023-in-cp-ib-1231-ae2cbf70

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Reliance Capital Ltd. The primary focus is on IA 150/2023, an application filed by a Prospective Resolution Applicant (PRA) seeking the impleadment of IndusInd International Holdings Limited as a party respondent in IA 1/2023, which was filed by Torrent Investment Private Limited. The CoC is considering extending the challenge mechanism.

## Facts

The Reserve Bank of India initiated CIRP against Reliance Capital Ltd. Several Interlocutory Applications (IAs) are pending, including IA 1/2023, IA 99/2023, IA 150/2023, IA 631/2022, IA 942/2022, IA 1838/2022, and IA 2186/2022. IA 150/2023 was filed by a Prospective Resolution Applicant (PRA) seeking the impleadment of IndusInd International Holdings Limited as a party respondent in IA 1/2023, which was filed by Torrent Investment Private Limited. The Committee of Creditors (CoC) is considering extending the challenge mechanism. The Administrator's argument has concluded. Torrent Investment Private Limited and IndusInd International Holdings Limited stated that they will not withdraw from the challenge mechanism.

## Issues and analysis

### Issue 1: Whether IndusInd International Holdings Limited should be impleaded as a party respondent in IA …

**Ratio:** The court has the power to allow impleadment of parties if it is necessary for the proper

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**Reasoning:** The court considered the submissions made by the Senior Counsel and the averments in the

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**Interpretation:** Impleadment is a procedural mechanism to ensure that all necessary parties are

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**Application:** Based on the submissions and averments, the court found it appropriate to

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## Parties

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

## Timeline

- **2023-01-18 — Hearing…**: Order sheet of the…
- **2023-01-19 — Next Hearin…**: List these Interlocutory Applications bearing I.A. No. 1/2023, Ι.Α. 99/2023 & I.A.…

## 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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