# In the matter of Connect Residuary Pvt. Ltd. Vs. Mr. Krishna Chamadia RP of Ricoh India Ltd. 
Company Appeal (AT)(Ins) No.100 of 2020

> NCLAT judgment dated 2022-10-10. Citation: TCN-2022-NCLAT-00171. Connect Residuary Private Limited filed an appeal against the order dated 28th November,…

- **Court:** NCLAT
- **Order date:** 10 Oct 2022
- **Citation:** TCN-2022-NCLAT-00171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/connect-residuary-pvt-ltd-vs-mr-krishna-chamadia-rp-of-ricoh-india-ltd-company-a-04f9a1ba

## Summary

### Background

Connect Residuary Private Limited filed an appeal against the order dated 28th November, 2019, passed by the National Company Law Tribunal, Mumbai Bench, which dismissed their applications seeking admission of their claim in the Resolution Plan of Ricoh India Limited. The Adjudicating Authority had also approved the Resolution Plan. The appellant, Connect Residuary, claimed to be an operational creditor of Ricoh India Limited, seeking a claim of Rs. 25,52,08,897/-. The Resolution Professional (RP) rejected the claim, citing insufficient documentation and the fact that Ricoh India had already paid an amount exceeding the equipment's value, rendering the equipment untraceable. The RP also filed an avoidance application, alleging extortionate renting transactions between

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## Facts

Connect Residuary Private Limited ('Connect Residuary') claimed to be an operational creditor of Ricoh India Limited ('Ricoh India') with a claim of Rs. 25,52,08,897/-. A Master Rental Agreement ('MRA') dated 06.12.2013 was executed between Connect Residuary and Ricoh India for renting of UID/NPR Kits. Ricoh India executed three more Rental Schedules RIL 002, RIL 003 and RIL 004 for renting 4,650 units. On 25.09.2014 the Board of 'Ricoh India' approved and ratified the transactions for procurement of IT related assets from ‘Connect Residuary'. On 29.01.2018, Ricoh India filed an Application under Section 10 of the Code. On 16.02.2018, Connect Residuary served a Demand Notice for Rs.6,24,00,577/-. On 14.05.2018, the Petition filed under Section 10 was admitted by the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in dismissing the applications filed by the …

**Ratio:** The Adjudicating Authority is justified in dismissing applications if the Resolution

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**Reasoning:** The RP, acting on the findings of the A&M report and other investigations, concluded

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**Interpretation:** This principle emphasizes the importance of the RP's role in investigating and

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**Application:** In this case, the A&M report provided evidence of extortionate

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## Parties

- **Judges:** Ashok Bh…; Shreesha…; +2 more
- **Appellants:** Connect Residuary…
- **Respondents:** Ricoh India…; Krishna Ch…
- **Advocates:** Ramji Srin…; Nazish…; +10 more

## Timeline

- **2013-12-06 — Master Rental…**: A Master Rental Agreement (‘MRA') was executed between ‘Connect Residuary' and 'Ricoh…
- **2014-09-25 — Board App…**: The Board of 'Ricoh India' approved and ratified the transactions for procurement of IT…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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