IA No. 1/MB/C-I/2023 And IA No. 99/MB/C-I/2023 And IA No. 150/MB/C-I/2023 In C.P (IB) No. 1231/MB/C-I/2021 An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 Filed by In IA No. 1 of 2023 Torrent Investments Pvt. Ltd. …Applicant Versus Y. Nageswara Rao, Administration.

…Respondent In IA No. 99 of 2023 in IA No. 1 of 2023 Torrent Investments Pvt. Ltd. …Applicant Versus Y. Nageswara Rao, Administration and Ors.

…Respondents In IA No. 150 of 2023 IndusInd International Holding Limited.

…Applicant Versus Torrent Investments Pvt. Limited and Anr.

…Respondents In the matter of Reserve Bank of India …Financial Creditor Versus Reliance Capital Limited.

… Corporate Debtor Order Pronounced on: 02.02.2023 Coram:

Hon’ble Member (Judicial) : Justice P. N. Deshmukh (Retd.)

Hon’ble Member (Technical) : Mr. Shyam Babu Gautam Appearances:

For Applicant – IA 99 in IA 1/23 : Mr. Mukul Rohatgi, Sr Advocate, Mr. Darius Khambata and Sr. Advocate, Mr. Vikram Nankani, Sr. Advocate with Mr. Anoop Rawat, Ms. Meghana Rajadhyaksha, Vaijyant Paliwal, Mr. Karan, Mr. Sagar Dhawan, Mr. Rishabh Jaisani, Mr. Nikhil Mathur, Mr. Harit Lakhani, Mr. Ahkam Khan, Mr. Daksh Kadian and Ms. Samidha Mathur, Advocates i/b Shardul Amarchand Mangaldas & Co.

For the Applicant – IA 150 : Navroz Seervai, Senior Counsel a/w Bhumika Batra, Shadab Jan, Parita Dave, Vidhi Dhanuka and Manthan Jhaveri i/b M/s. Shailendra Kanetkar.

For Respondent/Administrator – IA 99 in IA 1/2023 : Sr Adv Ravi Kadam, Adv. Rohan Kadam a/w Adv. Abhishek Adke and Adv. Sagar Vichare i/b Adv. Abhishek Adke.

For R2 to R4 – IAs 99 in IA 1 : Sr. Adv. Kapil Sibal a/w Adv. Prateek Seksaria, Adv. Pooja Dhar, Adv. Piyush Mishra, Adv. Sanjeev Kumar, Adv. Anshul Sehgal, Adv. Divyanshu Jain, Adv. Rishabh Parikh, Adv. Anusha Nagarajan I/b Luthra & Luthra Law Offices India.

For the Financial Creditors : Bhalchandra Palav a/w Aniket Dighe i/b Bhal & Co- Advocates.

ORDER Per Coram:

1. The present Interim Application is filed by Torrent Investment Private Limited (“Torrent”), Resolution Applicant of the Corporate Debtor, seeking the following reliefs:

a) Order and declare that the Challenge Mechanism for financial bids with respect to the Corporate Debtor under the Challenge Process Note stood concluded on 21.12.2022 with the financial bid of the applicant at INR 8,640 Crores being the highest financial bid as communicated by the respondent by its email dated 21.12.2022;

b) Order and direct the respondent to not consider or submit for evaluation by CoC illegally modified resolution plan of Hinduja Group or any other resolution applicants which is not in compliance with the Challenge Mechanism conducted under the Challenge Process Note read with Regulation 39 of the CIRP Regulations and/or any submission/proposal which is beyond/not in terms of the 4^th round of the challenge Mechanism conducted under the Challenge Process Note;

c) Order and direct the respondent to consider and submit only the bids submitted in compliance with the Challenge Mechanism and to act in compliance with the Regulation 39(1A) of the CIRP Regulations, read with the provisions of the Code and the applicable laws;

d) Order and direct Respondent to disclose all documents/material received pursuant to the Challenge Mechanism under the Challenge Process Note, including the minutes of meeting of CoC held on 20.12.2022 and thereafter, bids, communications/correspondence, financial bids and resolution plans of the prospective resolution applicants, and any other information relevant to the selection process of resolution applicants to the Hon’ble Tribunal;

Brief Facts:

2. The Corporate Debtor i.e. Reliance Capital Limited was admitted into Corporate Insolvency Resolution process (“CIRP”) vide Order dated 06.12.2021 and Mr. Nageshwara Rao was appointed as the Administrator.

3. On 18.02.2022, the Administrator issued Invitation for Expression of Interest (“EOI”) in terms of Section 25(2) of the Code and Regulation 36A(1) of CIRP Regulations for t