Back
Cont’d…/ NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 132, 133 & 134 of 2023 [Arising out of Order dated 02.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench in I.A. No. 1/MB/C-I/2023 and I.A. No. 99/MB/C-I/2023 and I.A. No. 150/MB/C- I/2023 in C.P. (IB) No.1231/MB/C-I/2021] IN THE MATTER OF: Vistra ITCL (India) Ltd. …Appellant Versus Torrent Investments Pvt. Ltd. & Ors. …Respondents Present: For Appellant: Mr. Kapil Sibal, Sr. Advocate with Ms. Pooja Dhar, Mr. Piyush Mishra, Mr. Sanjeev Kumar, Mr. Anshul Sehgal, Ms. Anusha Nagrajan, Mr. Divyanshu Jain, Mr. Partul Pratap Singh, Advocates For Respondents: Mr. Mukul Rohatgi, Mr. Ramji Srinivasan, Mr. Arun Kathpalia, Sr. Advocates with Mr. Anoop Rawat, Ms. Shally Bhasin, Mr. Vaijayant Paliwal, Mr. Rishabh Jaisani, Mr. Sagar Dhawan, Mr. Rishabh Jaiswani, Mr. Nikhil Mathur, Ms. Shruti Pandey, Mr. Harit Lakhani, Mr. Daksh Kadian, Mr. Ahkam Khan, Ms. Samidha Mathur, Mr. Udbhav Nanda, Mr. Sagar Dhawan, Advocate for R-1 Mr. Gopal Jain, Sr. Advocate with Mr. V.P. Singh, Ms. Anindita Roychoudhury, Mr. Bharat Makkar, Mr. Sushrat Garg, Advocates for R-2 Mr. Dr. Abhishek Manu Singhvi, Sr. Advocate with Mr. Mahesh Agrwal, Mr. Manu Krishnan, Ms. Niyati Kohli, Mr. Pratham Vir Agarwal, Ms. Manavi Aggarwala and Mr. Anwesh, Advocates for R-9 -2- Company Appeal (AT) (Insolvency) No. 132, 133 & 135 of 2023 & 139 of 2023 With Company Appeal (AT) (Insolvency) No. 139 of 2023 [Arising out of Order dated 02.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench in I.A. No. 1/MB/C-I/2023 and I.A. No. 99/MB/C-I/2023 and I.A. No. 150/MB/C- I/2023 in C.P. (IB) No.1231/MB/C-I/2021] IN THE MATTER OF: Indusind International Holdings Ltd. …Appellant Versus Torrent Investments Pvt. Ltd. & Ors. …Respondents Present: For Appellant: Mr. Dr. Abhishek Manu Singhvi, Sr. Advocate with Mr. Mahesh Agrwal, Mr. Manu Krishnan, Ms. Niyati Kohli, Mr. Pratham Vir Agarwal, Ms. Manavi Aggarwala and Mr. Anwesh, Advocates For Respondent: Mr. Mukul Rohatgi, Mr. Ramji Srinivasan, Mr. Arun Kathpalia, Sr. Advocates with Mr. Anoop Rawat, Ms. Shally Bhasin, Mr. Vaijayant Paliwal, Mr. Rishabh Jaisani, Mr. Sagar Dhawan, Mr. Rishabh Jaiswani, Mr. Nikhil Mathur, Ms. Shruti Pandey, Mr. Harit Lakhani, Mr. Daksh Kadian, Mr. Ahkam Khan, Ms. Samidha Mathur, Mr. Udbhav Nanda, Mr. Sagar Dhawan, Advocate for R-1 Mr. Gopal Jain, Sr. Advocate with Mr. V.P. Singh, Ms. Anindita Roychoudhury, Mr. Bharat Makkar, Mr. Sushrat Garg, Advocates for R-2 Mr. Kapil Sibal, Sr. Advocate with Ms. Pooja Dhar, Mr. Piyush Mishra, Mr. Sanjeev Kumar, Mr. Anshul Sehgal, Ms. Anusha Nagrajan, Mr. Divyanshu Jain, Mr. Partul Pratap Singh, Advocates for R-3, 4, 5, 6. -3- Company Appeal (AT) (Insolvency) No. 132, 133 & 135 of 2023 & 139 of 2023
JUDGEMENT
ASHOK BHUSHAN, J. These two Appeals have been filed against the same order dated 02.02.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I in I.A. No.1/MB/C-I/2023 and I.A. No. 99/MB/C-I/2023 and I.A. No.150/MB/C-I/2023 in C.P. (IB) No.1231/MB/C-I/2021. The Appellants in Company Appeal (AT) (Ins.) No. 132, 133 & 134 of 2023 are Financial Creditor of the Corporate Debtor namely Reliance Capital Limited whereas Company Appeal (AT) (Ins.) No.139 of 2023 has been filed by IndusInd International Holdings Ltd., a Resolution Applicant in the CIRP process of Reliance Capital Limited. We need to notice facts and sequence of the events giving rise to these appeals:
-4- Company Appeal (AT) (Insolvency) No. 132, 133 & 135 of 2023 & 139 of 2023 (iv) On 26.04.2022, Administrator issued the Request for Resolution Plan (RFRP) in terms of Regulation 36B of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as CIRP Regulations). In response to RFRP no satisfactory Resolution Plan were received.
(v) RFRP was reissued on 22.10.2022, last date for submission of Resolution Plan was 28.11.2022. Four Resolution Applicants submitted their signed plans namely (i) Torrent Investments Pvt.
Ltd. (ii) IndusInd International Holding Ltd. (iii) Cosmea Financial and Piramal Group; and (d) Oaktree Capital.
(vi) In 26th CoC meeting, the members opined that the bid values that have been received are not acceptable.
(vii) On 14.12.2022, Challenge Mechanism Process Note was issued by the Administrator.
(viii) On 19.12.2022, steps for Challenge Mechanism Process Note was issued.
(ix) On 21.12.2022, Challenge Mechanism Process was conducted in which two Resolution Applicants namely (i) Torrent Investments Pvt. Ltd. (for short ‘Torrent’) (ii) IndusInd International Holding Ltd. (for short ‘IIHL’) participated. IIHL participated until third round of the Challenge Mechanism with final NPV of Rs.8110 Crores and Torrent Investments Pvt. Ltd. submitted bid till fourth round with final NPV of Rs.8640 Crores, each as self-certified by -5- Company Appeal (AT) (Insolvency) No. 132, 133 & 135 of 2023 & 139 of 2023 them subject to verification by CoC Advisors. The Administrator, on the same day, sent an email to the Resolution Applicants that highest NPV is INR 8640 Crore.
(x) On 23.12.2022, 29th CoC meeting conducted on the submission of Revised Draft Resolution Plan as per Challenge Mechanism.
Covering email of IIHL included additional payments totaling to Rs.9000 Crores which was in deviation from the final bid submitted by IIHL. In the minutes of the meeting, it was noted that the CoC Advisors will evaluate and compare both the plans and will share the presentation and evaluation by 28.12.2022. (xi) The Torrent sent an objection to the Administrator citing media reports with reference to revision in bid by IIHL. On 31.12.2022, Torrent filed I.A. No. 1/MB/C-I/2023 in C.P. (IB) No.1231/MB/C- I/2021 before the Adjudicating Authority praying for various reliefs.
(xii) On 03.01.2023, the Adjudicating Authority allowed prayer (E) of the I.A. No. 1/MB/C-I/2023 and directed the Administrator not to submit any non-compliant plan to the CoC. Torrent was given liberty to implead the CoC as party to the application.
(xiii) On 03.01.2023, 30th CoC meeting was held. The Process Advisor informed the CoC that NPV calculated on the basis of financial proposal of Torrent and IIHL were different
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
