Page 1 of 71

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

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 NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

Page 2 of 71

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.

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

Page 3 of 71

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

IN THE NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH-I

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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