# Pratap Technocrats (P) Ltd. & Ors. Vs. Monitoring Committee of Reliance Infratel Limited & Anr., Civil Appeal No. 676 of 2021

> SC judgment dated 2021-08-10. Citation: TCN-2021-SC-00025. This appeal arises under Section 62 of the Insolvency and Bankruptcy Code against the judgment…

- **Court:** SC
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-SC-00025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/pratap-technocrats-p-ltd-ors-vs-monitoring-committee-of-reliance-infratel-limite-89533cc9

## Summary

### Background

This appeal arises under Section 62 of the Insolvency and Bankruptcy Code against the judgment dated 4 January 2021 of the National Company Law Appellate Tribunal. Reliance Infratel Limited is the corporate debtor. The appellants are operational creditors. The National Company Law Tribunal, Mumbai, approved the resolution plan formulated in the course of the insolvency resolution process of the Corporate Debtor by its order dated 3 December 2020. The NCLAT has upheld the order. The CIRP of the Corporate Debtor was initiated by an order dated 15 May 2018 of the NCLT. An interim resolution professional was appointed on 18 May 2018. The IRP issued a public announcement on 21 May 2018 inviting claims from the creditors of the Corporate Debtor. The order of the NCLT

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## Facts

The appeal arises from a judgment of the National Company Law Appellate Tribunal (NCLAT) dated 4 January 2021, which upheld the approval of a resolution plan for Reliance Infratel Limited (the corporate debtor) by the National Company Law Tribunal (NCLT), Mumbai, on 3 December 2020. The appellants, operational creditors, challenged the resolution plan, arguing that they were not treated fairly and equitably. The CIRP was initiated on 15 May 2018. The resolution plan was approved with a 100% voting share of the Committee of Creditors (CoC). The resolution plan provided for payments to operational creditors, with a recovery percentage of 19.62%, while financial creditors received 10.32%. The appellants contended that the resolution plan unfairly reserved Rs 800 crores

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority and the Appellate Authority can interfere with the commercial …

**Ratio:** The Adjudicating Authority and the Appellate Authority have limited jurisdiction and

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**Reasoning:** The court relied on previous decisions, including K Sashidhar vs India Overseas Bank and

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**Interpretation:** The court interpreted the provisions of the IBC to mean that the Adjudicating

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**Application:** In this case, the court found that the Adjudicating Authority and the Appellate

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## Parties

- **Judges:** Dr Justice…; M.R.…
- **Appellants:** Pratap Technocrats…
- **Respondents:** Reliance Infratel…; Monitoring…
- **Other parties:** 7th Edition…; Operational…; +6 more

## Timeline

- **2018-05-15 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2018-05-18 — Appointment…**: An interim resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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