# In the matter of Board of Trustees For Syama Prasad vs. Sanjai Kumar Gupta (Erstwhile RP of Stone India Limited) & Ors.

> NCLAT judgment dated 2024-02-08. Citation: TCN-2024-NCLAT-00645. This case involves an appeal filed by the Board of Trustees for Syama Prasad Mookerjee Port,…

- **Court:** NCLAT
- **Order date:** 8 Feb 2024
- **Citation:** TCN-2024-NCLAT-00645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/board-of-trustees-for-syama-prasad-vs-sanjai-kumar-gupta-5bda6c53

## Summary

### Background

This case involves an appeal filed by the Board of Trustees for Syama Prasad Mookerjee Port, Kolkata, against the approval of a resolution plan for Stone India Limited (Corporate Debtor). The appellant, an operational creditor, challenged the order passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which approved the resolution plan submitted by Jupiter Wagons Limited. The dispute originates from a lease agreement between the appellant and the corporate debtor, with disagreements over rent rates and eviction proceedings. The appellant claimed a substantial amount of unpaid occupational charges, while the resolution plan proposed a significantly lower amount. The appellant also contested the inclusion of the leased land as part of the corporate debtor's

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## Facts

The Board of Trustees for Syama Prasad Mookerjee Port, Kolkata (Appellant), leased land to Magnolia Dairy Products Limited in 1947, later assigned to Britania Company Limited. A portion of the land was leased to Diamond Projects Limited, and another portion (Plate C) was licensed to Stone India Ltd (Corporate Debtor) in 1987. Diamond Products Limited assigned its lease to Stone India Ltd in 1950. Britania Biscuits Company Ltd. assigned its residuary interest to Stone India Ltd in 1957. Disputes arose between the Appellant and the Corporate Debtor regarding rent payments, leading to eviction attempts by the Appellant and writ petitions filed by the Corporate Debtor in the Calcutta High Court. The Supreme Court remanded the matter back to the High Court in 2009,

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in approving the Resolution Plan submitted by …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in approving a

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**Reasoning:** The court relied on the Supreme Court's judgment in "Committee of Creditors of Essar

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**Interpretation:** This issue involves interpreting the scope of judicial review over resolution

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**Application:** The court applied the ratio to the facts by finding that the Appellant's claim

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** BOARD OF TRUSTEES…
- **Respondents:** Stone India…; Sanjai Kuma…

## Timeline

- **1947-11-27 — Lease Gr…**: Appellant granted lease of land to Magnolia…
- **1948-03-04 — Lease Gr…**: Land of Plate B was leased to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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