# In the matter of Reliance Communications Infrastructure Ltd.

> NCLT judgment dated 2023-10-17. Citation: TCN-2023-NCLT-01171. The National Company Law Tribunal (NCLT), Mumbai Bench, is hearing several Interlocutory…

- **Court:** NCLT
- **Order date:** 17 Oct 2023
- **Citation:** TCN-2023-NCLT-01171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-communications-infrastructure-ltd-19c6b79a

## Summary

### Background

The National Company Law Tribunal (NCLT), Mumbai Bench, is hearing several Interlocutory Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Reliance Communication Infrastructure LTD. These IAs include IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. The applications involve various parties, including the State Bank of India, Bank of Baroda, Resolution Professionals, and financial creditors. The core issue revolves around the approval and implementation of a Resolution Plan submitted by Reliance Projects & Property Management Services Limited.

## Facts

The State Bank of India initiated CIRP against Reliance Communication Infrastructure LTD. Several Interlocutory Applications (IAs) are being heard by the NCLT, Mumbai Bench, including IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. Bank of Baroda, an Assenting Financial Creditor, has filed an Interlocutory Application related to the Resolution Plan dated 17.07.2020, submitted by Reliance Projects & Property Management Services Limited. The Resolution Professional has also filed an application for approval of the Resolution Plan. A key point of contention is the manner of distribution amongst the Financial Creditors, as stipulated in clause No. 1.2.13 of the Resolution Plan. The NCLT has directed the erstwhile Resolution Professional to convene a meeting

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Reliance Projects & Property Management Services …

**Ratio:** The approval of a Resolution Plan requires the satisfaction of certain legal requirements

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**Reasoning:** The court is considering the Resolution Plan and the objections raised by dissenting

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**Interpretation:** The legal issue involves interpreting the provisions of the Insolvency and

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**Application:** The court is applying the legal principles to the specific facts of the case,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** State Bank of…
- **Respondents:** RELIANCE COMMUNICA…

## Timeline

- **2020-01-01 — IA 1943/…**: Interlocutory…
- **2021-01-01 — IA 2159/…**: Interlocutory…

## 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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