# In the matter of N.V. Rama Raju & Ors. Vs. Rajkumar Ralhan, Resolution Professional of Leo Meridian Infrastructure Projects & Anr. Company Appeal (AT) (CH) (Insolvency) No. 61 of 2021
In
IA Nos. 136, 137, 138, 477 & 478 of 2022

> NCLAT judgment dated 2022-08-16. Citation: TCN-2022-NCLAT-00285. The case involves an appeal against an order dated 07.05.2021 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLAT-00285
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nv-rama-raju-ors-vs-rajkumar-ralhan-resolution-professional-of-leo-meridian-infr-59622473

## Summary

### Background

The case involves an appeal against an order dated 07.05.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA Nos. 606 & 697 of 2020 in CP (IB) No.43/7/HDB/2018. The Adjudicating Authority rejected I.A. 606 of 2020 and consequently disposed of I.A. 697 of 2020. The CIRP was initiated against Leo Meridian Infrastructure Projects and Hotels Limited on 09.04.2019 after Andhra Bank (now Union Bank of India) filed a Section 7 application. The Resolution Professional (RP) invited Expressions of Interest (EOI). One resolution plan was rejected for not meeting requirements. The Appellants submitted a resolution plan with a bank guarantee. The CoC extended the deadline for plan submission, which the Appellants protested. The RP

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## Facts

The Corporate Debtor, Leo Meridian Infrastructure Projects and Hotels Limited, underwent CIRP initiated by Andhra Bank (now Union Bank of India) on 09.04.2019. The Resolution Professional (RP) invited EOIs, and one plan was rejected. The Appellants submitted a resolution plan with a bank guarantee of Rs. 1 crore on 14.04.2020. The CoC extended the deadline for submission to 27.04.2020, which the Appellants protested. The RP opened the plans on 29.04.2020. The Appellants were declared H-1 bidder on 01.07.2020. The RP then insisted on engaging a monitoring agency at the Appellants' cost and increased the CIRP cost. The Appellants refused. The RP invited final compliant resolution plans by 15.08.2020, citing an IBBI amendment dated 07.08.2020. The Appellants filed I.A.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order dated 07.05.2021 passed in I.A. No. 606 of 2020 in C.P. …

**Ratio:** The Adjudicating Authority's order was based on a misinterpretation of the Regulations

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**Reasoning:** The Adjudicating Authority failed to call for the purported CoC minutes dated 12.08.2020,

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**Interpretation:** The Adjudicating Authority must properly consider all relevant evidence and

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**Application:** The Adjudicating Authority's failure to consider the CoC minutes and

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## Parties

- **Judges:** M. Venu…; KanthiNar…
- **Appellants:** N.V. Rama Raju…
- **Respondents:** Leo Meridian…; Rajkumar Ralhan,…

## Timeline

- **2019-04-09 — CIRP Init…**: CIRP initiated against Leo Meridian…
- **2020-03-02 — Submission…**: Appellants submitted their…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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