N NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 992 of 2023 & I.A. No. 5517, 5481 of 2023 & 364, 381, 404, 671 of 2024 & 7702 of

2025 In the matter of:

Chandra Shekhar Jha & Anr. ...Appellants Vs.

Religare Enterprise Ltd. & Ors. ...Respondents For Appellants: Ms. Suhasini Sen and Mr. Sista Srinivas, Advocates For Respondents: Mr. Rajat Choudhary and Ms. Anjali Maurya, Advocates for RP Company Appeal (AT) (Insolvency) No. 1238 of 2023 In the matter of:

Daiichi Sankyo Company Ltd. ...Appellant Vs.

Religare Enterprise Ltd. & Ors. ...Respondents For Appellant: Mr. Arun Kathpalia, Sr. Advocate with Mr. Giriraj Subramanium, Ms. Anindita Barman, Ms. Shreya Hoon, Mr. Tanmay Arora, Ms. Diksha Gupta and Mr. Aditya Dhupar, Advocates.

For Respondents: Mr. Krishnendu Datta, Sr. Advocate with Mr.

Aubert Sebastian, Mr. Sujoy Sur, Mr. Shreyash Sharma, Advocates.

Mr. Rajat Choudhary and Ms. Anjali Maurya, Advocates for RP.

J U D G M E N T

(27th May, 2026)

Ashok Bhushan, J.

These two appeals have been filed against the same order dated

18.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi admitting Section 7 application filed by Religare Enterprises Ltd., the Respondent No.1 herein against the Corporate Debtor- Ligare Aviation Ltd. Company Appeal (AT) (Insolvency) No.992 of 2023 has been filed by two Appellants. Appellant No.1 shareholder of the Corporate Debtor having 1% shareholding and Appellant No.2- RHC Finance Pvt. Ltd. having 70% shareholding in the Corporate Debtor. Company Appeal (AT) (Insolvency) No.1238 of 2023 has been filed by Daiichi Sankyo Company Ltd. claiming to be aggrieved by the impugned order. Appellant claim to have filed execution proceeding in Delhi High Court for execution of Arbitral Award in which garnishee order has been passed against the Corporate Debtor by Delhi High Court for garnishing a sum of Rs.184.04 Crore which has been attached by the High Court of Delhi in the execution proceeding through order dated 26.02.2018.

2. Brief background facts of the case leading to filing Section 7 application need to be noted first.

2.1. The Financial Creditor- Religare Enterprises Ltd. and the Corporate Debtor- Ligare Aviation Ltd. are both group companies and related party. A host of companies including the above two companies were controlled by two brothers Mr. Malvinder Mohan Singh and Mr. Shivinder Mohan Singh. There were inter-group transactions between various group companies from time to time. An Memorandum of Understanding (MoU) claimed to have entered between Religare Arts Investment Management Ltd. and Corporate Debtor dated 30.03.2009 under which an amount of Rs.5 Crore was sanctioned with interest @13%. In pursuance of the said MoU, an amount of Rs.3,60,00,000/- was transferred by Religare Arts Investment Management Ltd. (hereinafter referred to as ‘RAIML’) to the Corporate Debtor on 31.03.2009. The amount received by the Corporate Debtor on the same day was transferred to a subsidiary company of the Financial Creditor namely— Religare Finvest Ltd. which is reflected in the bank transfer of the same day. The bank transfer of 31.03.2009 further indicates various amounts received from different group companies and transmitted on the same day to other group companies of the group. Similar to MoU dated 30.03.2009 each year MoU were executed totalling 8 MoUs. Daiichi Sankyo Company Ltd.- Appellant in Company Appeal (AT) (Insolvency) No.1238 of 2023 has initiated an international arbitration proceeding at Singapore against the two Singh Brothers and their various companies. An Arbitral Award was passed on 29.04.2016 in Singapore in favour of Daiichi Sankyo Company Ltd. of Rs.3,500 Crores from Singh Brothers and their various companies. Daiichi Sankyo Company Ltd. initiated proceeding for enforcement of the foreign award in the Delhi High Court. Objections were filed by Judgment Debtors in the proceedings before the Delhi Hi