# In the matter of Kanoria Energy & Infrastructure Ltd. & Ors. vs. Avishek Gupta & Ors.

> NCLAT judgment dated 2024-09-09. Citation: TCN-2024-NCLAT-00211. The case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 9 Sept 2024
- **Citation:** TCN-2024-NCLAT-00211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kanoria-energy-infrastructure-ltd-ors-vs-avishek-gupta-ors-5aae362c

## Summary

### Background

The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Kolkata, which approved a Resolution Plan submitted by Shriram Multicom Pvt. Ltd. The appellant, Kanoria Energy & Infrastructure Ltd., challenged this order, arguing that the Committee of Creditors (CoC) did not consider a higher offer made by them and that the constitution of the CoC itself was under challenge. The appellant also contended that certain crucial information regarding the Corporate Debtor's assets, specifically the inclusion of certain floors with commercial spaces in Hotel Westin, was not adequately disclosed during the Corporate Insolvency Resolution Process (CIRP). The appellant initially filed a Civil Appeal before the Supreme Court, which was later

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## Facts

Kanoria Energy & Infrastructure Ltd. filed an appeal challenging an order by the NCLT Kolkata that approved Shriram Multicom Pvt. Ltd.'s resolution plan. Kanoria argued that the CoC didn't consider their higher offer and that the CoC's constitution was flawed due to RARE Asset Reconstruction Limited's exclusion. They also claimed the RP didn't disclose information about commercial spaces in Hotel Westin, part of the Corporate Debtor's assets. Kanoria initially appealed to the Supreme Court but withdrew to file with NCLAT. They submitted that the RP deliberately withheld information about the hotel floors and commercial spaces. The RP and the Successful Resolution Applicant (SRA) refuted this, stating the Information Memorandum contained all necessary details. The

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## Issues and analysis

### Issue 1: Whether the Resolution Professional adequately disclosed information regarding the Corporate …

**Ratio:** The principle is that Resolution Professionals are required to provide all necessary

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**Reasoning:** The NCLAT reasoned that the Information Memorandum did contain details regarding the

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**Interpretation:** This issue involves the interpretation of the duties and responsibilities of

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**Application:** The NCLAT applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Kanoria Energy &…
- **Respondents:** Avishek…

## Timeline

- **2023-05-24 — CoC Meet…**: The Committee of Creditors (“CoC”) in its 14th meeting of CoC held on 24.05.2023 has…
- **2024-01-04 — NCLT Ord…**: Order passed by the Hon'ble National Company Law Tribunal, Kolkata in I.A. (IBC) No.…

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