# In the matter of Rolta India Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02496. The Interlocutory Application (IA 624/2024) was filed by the Applicant, B-RIGHT REALESTATE LTD,…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rolta-india-limited-b2edb29c

## Summary

### Background

The Interlocutory Application (IA 624/2024) was filed by the Applicant, B-RIGHT REALESTATE LTD, because they were aggrieved by Respondent No. 1's refusal to present the Applicant's proposal to the Respondent No. 2, which is the Committee of Creditors (CoC) of the Corporate Debtor, for consideration. The Applicant argues they are materially and substantially interested in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor and that their Resolution Plan should be considered. The Applicant claims their bid is comparable to Patanjali Ayurved's bid, which the CoC agreed to consider on 2024-02-12 following a direction from the Bench to Respondent No. 1 to present Patanjali's bid to Respondent No. 2. Another Intervenor, MGN Agro Properties Private

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## Facts

B-RIGHT REALESTATE LTD filed an Interlocutory Application (IA 624/2024) because Respondent No. 1 refused to present their proposal to Respondent No. 2, the Committee of Creditors (CoC) of the Corporate Debtor. B-RIGHT REALESTATE LTD claims a substantial interest in the Corporate Insolvency Resolution Process (CIRP) and wants their Resolution Plan considered. They assert their bid is comparable to Patanjali Ayurved's, which the CoC agreed to consider on 2024-02-12 following a court direction. MGN Agro Properties Private Limited, as an Intervenor, also filed an application seeking the same relief with comparable terms, but their application is not yet numbered by the Registry. The Committee of Creditors meeting is scheduled for today, and the deadline for submitting

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors should be directed to consider the resolution plan submitted by …

**Ratio:** In the interest of justice and ensuring a fair and transparent Corporate Insolvency

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**Reasoning:** The Applicant has demonstrated a material and substantial interest in the Corporate

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**Interpretation:** This issue involves the interpretation of the principles of natural justice and

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**Application:** The court applied the principle of fairness by directing the Resolution

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** B-RIGHT REALESTATE…
- **Respondents:** Rolta India…; Union Bank of…

## Timeline

- **2024-02-12 — CoC agreed to consider…**: The Committee of Creditors (CoC) agreed to consider the bid of Patanjali Ayurved…
- **2024-02-21 — Order Sheet of the…**: Order sheet of the hearing on…

## 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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