Reserve Bank of India vs Reliance Capital Ltd

Heard Ld. Senior Advocate for the Applicant, Mr. Darius Khambata who has concluded his arguments. Parties are at liberty to place on record short Written Note by way of Written Submissions. All these Interlocutory Applications are closed for Orders today.

After conclusion of the final hearing in all these Interlocutory Applications, Ld. Senior Advocate for the Committee of Creditors, Mr. Kapil Sibal, on instructions, expressed his unwillingness to continue statement made on 18.01.2023, to hold the second process of extended challenge mechanism till Monday. In view of the fact that the statement is not to continue further from Monday onwards and for opposing any Interim Stay, Ld. Sr. Advocate for Committee of Creditors, Mr. Kapil Sibal has tendered a Written Argument at bar at the fag end of the submission today. Counsel for the Applicant seeks time to Reply to the same. In that view of the matter, we grant liberty to the Applicant to file his Written note to this Written Argument filed by the Committee of Creditors today.

In view of unwillingness as expressed by Ld. Sr. Advocate for CoC, Mr. Kapil Sibal, to continue with the statement to hold the second process of extended challenge mechanism till Monday, as recorded in the order of this Bench dt. 18.01.2023, and as the matter was heard consecutive for Five days on day to day basis and needs thorough consideration before passing any order finally, we are inclined to direct the Parties to maintain the status quo as on today, till the adjourned date.

Registry is directed to list this matter on Board on 23.01.2023, under the caption ‘Part Heard’ and to retain the position of this matter High on Board on the adjourned date.

List these Interlocutory Applications on Board on 06.02.2023, for further consideration and hearing.