# In the matter of RNA Lifestyle Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00343. The case involves a Restoration Application (RST.A (IBC) 49/MB/2024) filed in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00343
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rna-lifestyle-private-limited-f151e3f4

## Summary

### Background

The case involves a Restoration Application (RST.A (IBC) 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 (IBC) and Rule 48(2) r/w Rule 11 of the National Company Law Tribunal Rules, 2016 (NCLT Rules). The Main Application, filed under Section 7 of the IBC for initiating Corporate Insolvency Resolution Process (CIRP) against RNA Lifestyle Private Limited (Corporate Debtor), was dismissed for default on 14.05.2024 due to the non-representation of the original Financial Creditor (Suraksha Asset Reconstruction Limited) or the Assignee. The loans were originally sanctioned by Reliance Capital

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## Facts

The case originates from CP (IB) No. 2394/MB/2019, an application under Section 7 of the IBC for initiating CIRP against RNA Lifestyle Private Limited (Corporate Debtor). The original Financial Creditor was Suraksha Asset Reconstruction Limited, who filed the Main Application. The debt in question amounted to Rs. 50,21,99,605/-. The loans were initially sanctioned by Reliance Capital Limited, later demerged to Reliance Commercial Finance Limited (RCFL), which then assigned the loans to Suraksha Asset Reconstruction Limited on 31.03.2018. Suraksha Asset Reconstruction Limited subsequently assigned the loan to Authum Investment & Infrastructure Limited (Assignee/Applicant) on 30.03.2024. The Main Application was dismissed on 14.05.2024 due to the non-appearance of

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## Issues and analysis

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

**Ratio:** Rule 48(2) of the NCLT Rules provides for restoring an application on the consequence of

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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 court interpreted Rule 48(2) of the NCLT Rules to allow for restoration

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**Application:** The court applied this interpretation to the facts of the case, holding that

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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 against RNA Lifestyle Private…
- **2018-03-31 — Loan Assignment to Suraksha Asset…**: 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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