The case involves an application (IA No. 1403/2022) filed in an ongoing corporate insolvency resolution process (CIRP) of Aircel Limited (C.P. (IB) No. 298/MB/2018) before the National Company Law Tribunal (NCLT), Mumbai Bench. UV Asset Reconstruction Company Limited (Applicant No. 1), the successful resolution applicant, along with UV Stressed Assets Management Private Limited (Applicant No. 2), sought approval from the NCLT to substitute Applicant No. 2 in place of Applicant No. 1 for implementing the approved resolution plan. The resolution plan, approved earlier, faced hurdles due to the Reserve Bank of India's (RBI) refusal to grant necessary approvals to Applicant No. 1, an asset reconstruction company, citing regulatory restrictions. The approved resolution

The case involves an application (IA No. 1403/2022) filed in an ongoing corporate insolvency resolution process (CIRP) of Aircel Limited (C.P. (IB) No. 298/MB/2018) before the National Company Law Tribunal (NCLT), Mumbai Bench. UV Asset Reconstruction Company Limited (Applicant No. 1), the successful resolution applicant, along with UV Stressed Assets Management Private Limited (Applicant No. 2), sought approval from the NCLT to substitute Applicant No. 2 in place of Applicant No. 1 for implementing the approved resolution plan. The resolution plan, approved earlier, faced hurdles due to the Reserve Bank of India's (RBI) refusal to grant necessary approvals to Applicant No. 1, an asset reconstruction company, citing regulatory restrictions. The approved resolution