Kotak Investment Advisors Limited filed a writ petition challenging the order passed by the National Company Law Tribunal (NCLT) approving the resolution plan submitted by Consortium Kalpraj Dharamshi and Rekha Jhunjhunwala for Ricoh India Limited. Kotak Investment Advisors claimed that their resolution plan was the highest bid and should have been accepted. They alleged irregularities in the acceptance of the second-highest bid and collusion between the Resolution Professional, the Committee of Creditors, and the successful resolution applicant. The petitioners argued that the NCLT's decision-making process was flawed, particularly concerning the composition of the bench and the hearing of their Miscellaneous Application No. 1039 of 2019.
Kotak Investment Advisors Limited participated in the Corporate Insolvency Resolution Process (CIRP) of Ricoh India Limited. Kotak Investment Advisors submitted a resolution plan/bid. The Resolution Professional accepted the bid of Consortium Kalpraj Dharamshi and Rekha Jhunjhunwala after the last date of submission. Kotak Investment Advisors alleged that their bid was the highest and should have been accepted. They filed Miscellaneous Application No. 1039 of 2019 in Company Petition No. 156 of 2018 challenging the acceptance of the second-highest bid. The Resolution Professional filed Miscellaneous Application No. 691 of 2019, which was accepted by the Tribunal, and the Resolution Plan was sanctioned. Kotak Investment Advisors' application was rejected. Kotak
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Kotak Investment Advisors Limited filed a writ petition challenging the order passed by the National Company Law Tribunal (NCLT) approving the resolution plan submitted by Consortium Kalpraj Dharamshi and Rekha Jhunjhunwala for Ricoh India Limited. Kotak Investment Advisors claimed that their resolution plan was the highest bid and should have been accepted. They alleged irregularities in the acceptance of the second-highest bid and collusion between the Resolution Professional, the Committee of Creditors, and the successful resolution applicant. The petitioners argued that the NCLT's decision-making process was flawed, particularly concerning the composition of the bench and the hearing of their Miscellaneous Application No. 1039 of 2019.
Kotak Investment Advisors Limited participated in the Corporate Insolvency Resolution Process (CIRP) of Ricoh India Limited. Kotak Investment Advisors submitted a resolution plan/bid. The Resolution Professional accepted the bid of Consortium Kalpraj Dharamshi and Rekha Jhunjhunwala after the last date of submission. Kotak Investment Advisors alleged that their bid was the highest and should have been accepted. They filed Miscellaneous Application No. 1039 of 2019 in Company Petition No. 156 of 2018 challenging the acceptance of the second-highest bid. The Resolution Professional filed Miscellaneous Application No. 691 of 2019, which was accepted by the Tribunal, and the Resolution Plan was sanctioned. Kotak Investment Advisors' application was rejected. Kotak
…The Resolution Plan…
Resolution Plans were allegedly submitted by…