# In the matter of RNA Lifestyle Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00350. The case involves a Restoration Application (RST.A (IBC) No. 49/MB/2024) filed in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rna-lifestyle-private-limited-50761140

## Summary

### Background

The case involves a Restoration Application (RST.A (IBC) No. 49/MB/2024) filed in CP (IB) No. 2394/MB/2019 by Authum Investment & Infrastructure Limited, the Assignee/Applicant, seeking the restoration of the Main Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Main Application, filed under Section 7 of the IBC, aimed to initiate Corporate Insolvency Resolution Process (CIRP) against RNA Lifestyle Private Limited (Corporate Debtor). The Main Application was initially dismissed due to the non-representation of the Assignor/Financial Creditor (Suraksha Asset Reconstruction Limited) on 14.05.2024.

## Facts

The original Main Application, CP (IB) No. 2394/MB/2019, was filed under Section 7 of the IBC to initiate CIRP against RNA Lifestyle Private Limited due to a default of Rs. 50,21,99,605. The loans were originally sanctioned by Reliance Capital Limited and later demerged to Reliance Commercial Finance Limited (RCFL), which then assigned the loans to Suraksha Asset Reconstruction Limited (the original Financial Creditor). Suraksha Asset Reconstruction Limited subsequently assigned the loans to Authum Investment & Infrastructure Limited (the Assignee/Applicant) via a Deed of Assignment dated 30.03.2024. The Main Application was dismissed on 14.05.2024 due to the non-appearance of the Assignor/Financial Creditor. The Assignee/Applicant filed a Restoration Application

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## Issues and analysis

### Issue 1: Whether the Assignee/Applicant has the locus standi to file a Restoration Application under Rule 48 …

**Ratio:** Rule 48(2) of the NCLT Rules provides for the restoration of an application by an

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**Reasoning:** The court reasoned that since IA 3571/2024 for impleading the Assignee/Applicant was

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**Interpretation:** The interpretation hinges on the definition of 'applicant' under Rule 48(2) and

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**Application:** The court applied this reasoning to the facts by noting that the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Authum Investment…
- **Respondents:** RNA Lifestyle…

## Timeline

- **2019-05-03 — Main Applicati…**: The Main Application under Section 7 of the IBC was filed to initiate CIRP against RNA…
- **2018-03-31 — Loan Assi…**: RCFL assigned the loans 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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