# In the matter of Reliance Innoventures Pvt. Ltd.

> NCLT judgment dated 2023-08-22. Citation: TCN-2023-NCLT-01956. The document pertains to an order sheet from the National Company Law Tribunal (NCLT), Mumbai…

- **Court:** NCLT
- **Order date:** 22 Aug 2023
- **Citation:** TCN-2023-NCLT-01956
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-innoventures-pvt-ltd-06418ef4

## Summary

### Background

The document pertains to an order sheet from the National Company Law Tribunal (NCLT), Mumbai Bench, regarding I.A. 3726 of 2023. The IA was filed seeking the replacement of Mr. Bhrugesh Amin, the Interim Resolution Professional (IRP) of the Corporate Debtor, with Mr. Harish Kant Kaushik as the Resolution Professional. This replacement was based on a resolution passed by the Committee of Creditors (CoC) during their meeting held on July 14, 2023, and July 24, 2023.

## Facts

JC Flowers Asset Reconstruction Pvt. Ltd. initiated a corporate insolvency resolution process against Reliance Innoventures Private Limited. Mr. Bhrugesh Amin was initially appointed as the Interim Resolution Professional (IRP). Subsequently, an application (I.A. 3726 of 2023) was filed seeking the replacement of Mr. Bhrugesh Amin with Mr. Harish Kant Kaushik as the Resolution Professional. The Committee of Creditors (CoC) passed a resolution in their meeting held on 14.07.2023 and 24.07.2023, supporting the replacement. The voting percentage for the resolution was 100%, as documented on page 44 of the application. The existing Resolution Professional also consented to the replacement. The NCLT considered these facts and allowed the application, granting the prayer for

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## Issues and analysis

### Issue 1: Whether the application (I.A. 3726 of 2023) for the replacement of the Interim Resolution …

**Ratio:** The ratio is that when the Committee of Creditors (CoC) unanimously supports a

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**Reasoning:** The court's reasoning is based on the fact that the CoC, representing the financial

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**Interpretation:** This legal issue involves the interpretation of the powers and responsibilities

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**Application:** In this specific case, the CoC's 100% voting percentage and the existing RP's

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** J.C. Flowers…
- **Respondents:** Reliance Innoventu…
- **Advocates:** Jyoti A…

## Timeline

- **2023-07-14 — CoC Meet…**: First CoC meeting held…
- **2023-07-24 — CoC Meet…**: CoC meeting held…

## 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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