# In the matter of Kotak Investment Advisors Limited and Anr. Vs. Mr. Krishna Chamadia, Resolution Professional of Ricoh India Limited and Ors. Writ Petition (L) No. 3621 of 2019

> HC judgment dated 2020-01-28. Citation: TCN-2020-HC-00038. Kotak Investment Advisors Limited filed a writ petition challenging the order passed by the…

- **Court:** HC
- **Order date:** 28 Jan 2020
- **Citation:** TCN-2020-HC-00038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/kotak-investment-advisors-limited-and-anr-vs-mr-krishna-chamadia-resolution-prof-dc104dbd

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the NCLT's decision-making process …

**Ratio:** The principle of natural justice requires that a person must not be judged in their own

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**Reasoning:** The petitioners argued that their Miscellaneous Application was heard by a single member

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**Interpretation:** The court interpreted the principle of natural justice in the context of the

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**Application:** The court held that the petitioners could raise the issue of violation of

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## Parties

- **Judges:** S.C. DHARMA…; R.I. CH…
- **Appellants:** Kotak Investment…
- **Respondents:** Ricoh India…; Krishna Ch…

## Timeline

- **2019-01-09 — Opening of Kotak Investment Advisors'…**: The Resolution Plan submitted by…
- **2019-01-13 — Submission of Resolution Plans by Consortium…**: Resolution Plans were allegedly submitted by Consortium Kalpraj Dharamshi and Rekha…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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