# In the matter of Reliance Infratel Limited IA No. 1110-MB-C-I-2021 In C.P (IB) No. 1385-MB-C-I-2017

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03726. Reliance Projects & Property Management Services Limited (RPPMSL), the successful resolution…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-infratel-limited-ia-no-1110-mb-c-i-2021-in-cp-ib-no-1385-mb-c-i-2017-c170a420

## Summary

### Background

Reliance Projects & Property Management Services Limited (RPPMSL), the successful resolution applicant for Reliance Infratel Ltd. (RITL), filed an interlocutory application (IA No. 1110/MB/C-I/2021 in CP (IB) No. 1385/MB/C-I/2017) before the National Company Law Tribunal (NCLT), Mumbai Bench-I, seeking directions to the Respondents (Committee of Creditors of Reliance Infratel Limited, State Bank of India, Union Bank of India, Indian Overseas Bank) to provide copies of the forensic audit report and related documents concerning the declaration of RITL's account as fraud. The applicant argued that this information is crucial for the implementation of the resolution plan, while the respondents opposed the application, citing concerns about confidentiality and the

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## Facts

Reliance Projects & Property Management Services Limited (RPPMSL) is the successful resolution applicant for Reliance Infratel Ltd. (RITL). RITL's account was declared as fraud by banks, based on a forensic audit report. RPPMSL filed an application seeking access to the forensic audit report and related documents from the Committee of Creditors (CoC). The CoC and other respondents opposed the application, citing concerns about confidentiality and the potential impact on the resolution process. The Resolution Plan submitted by RPPMSL was approved by 100% of the CoC members on March 4, 2020. RPPMSL expressed willingness to enter into a Non-Disclosure Agreement (NDA) to maintain the confidentiality of the information. The forensic audit report was prepared under the

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## Issues and analysis

### Issue 1: Whether the successful resolution applicant is entitled to access the forensic audit report and …

**Ratio:** Section 29(2) of the IBC mandates that the Resolution Professional shall provide the

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**Reasoning:** The NCLT reasoned that the forensic audit report and related documents are vital and

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**Interpretation:** The NCLT interpreted Section 29(2) of the IBC and Regulation 36(2)(h) of the

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**Application:** The NCLT applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** P.N. Deshmukh…; Sh. Kapal Kumar…
- **Appellants:** Reliance Projects…
- **Respondents:** Reliance Infratel…; Committee of…

## Timeline

- **2017-01-01 — C.P (IB) No. 1385/MB/C-I…**: Filing of C.P (IB) No.…
- **2020-03-04 — Resolution Plan…**: Resolution Plan submitted by the Applicant has been approved by 100% of the members of…

## 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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