# In the matter of Kotak Investment Advisors Limited Vs. Mr. Krishna Chamadia(Resolution Professional in the
matter of Ricoh India Limited) and Ors. CA (AT) (Ins) No. 344 – 345 of 2020

> NCLAT judgment dated 2020-08-05. Citation: TCN-2020-NCLAT-00180. The case involves appeals against two orders passed by the Adjudicating Authority/National…

- **Court:** NCLAT
- **Order date:** 5 Aug 2020
- **Citation:** TCN-2020-NCLAT-00180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kotak-investment-advisors-limited-vs-mr-krishna-chamadiaresolution-professional-d9a9f011

## Summary

### Background

The case involves appeals against two orders passed by the Adjudicating Authority/National Company Law Tribunal, Mumbai Bench. The first order rejected Application No. MA/1039/2019, which raised objections against alleged illegalities in the conduct of the Corporate Insolvency Resolution Process (CIRP). The second order, passed in MA/691/2019, approved the Resolution Plan. Kotak Investment Advisors Limited (KIAL), an unsuccessful Resolution Applicant, filed MA No.1039/2019 seeking rejection of the approved Resolution Plan submitted by a consortium of Kalpraj Dharamshi and Rekha Jhunjhunwala, alleging illegalities in the CIRP. The Adjudicating Authority rejected KIAL's application, relying on the Supreme Court's judgment in K. Sashidhar v. Indian Overseas Bank, which

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## Facts

Kotak Investment Advisors Limited (KIAL) filed MA No.1039 of 2019 seeking rejection of the approved Resolution Plan submitted by a consortium of Kalpraj Dharamshi and Rekha Jhunjhunwala. The Adjudicating Authority rejected KIAL's application, relying on the Supreme Court's judgment in K. Sashidhar v. Indian Overseas Bank. The Resolution Professional (RP) issued an advertisement on 09th July 2018 calling for Expression of Interest (EOI). Phoenix Asset Reconstruction Company Limited, an Associate of KIAL, submitted EOI on 07th August 2018. The last date for submission of Resolution Plan was 08th January 2019. Two Resolution Applicants, including KIAL, filed their Resolution Plans within the deadline. The RP accepted two more Resolution Plans after the expiry of the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional with the approval of CoC, was authorized to accept the …

**Ratio:** The CoC has the power to exercise its commercial wisdom in approving or rejecting a

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**Reasoning:** The Tribunal found that the Resolution Professional (RP) deviated from the established

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**Interpretation:** The commercial wisdom of the CoC is not justiciable, but it cannot be used to

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**Application:** In this case, the RP's acceptance of Resolution Plans after the deadline,

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## Parties

- **Judges:** V. P. S…; Alok Sriv…; +1 more
- **Appellants:** Kotak Investment…
- **Respondents:** Ricoh India…; Mr Krishna…
- **Advocates:** Ramji Srin…; Suresh Dutt…; +8 more

## Timeline

- **2018-07-09 — Expression of Interest…**: The Resolution Professional made an advertisement calling for Expression of Interest…
- **2018-08-07 — EOI Subm…**: Phoenix Asset Reconstruction Company Limited, an Associate of the Appellant/Applicant,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(2) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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