# In the matter of State Tax Officer vs. Ricoh India Ltd. & Ors.

> NCLAT judgment dated 2024-12-18. Citation: TCN-2024-NCLAT-00015. The State Tax Officer filed an appeal challenging the order dated 28.11.2019 passed by the…

- **Court:** NCLAT
- **Order date:** 18 Dec 2024
- **Citation:** TCN-2024-NCLAT-00015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-tax-officer-vs-ricoh-india-ltd-ors-ce18199b

## Summary

### Background

The State Tax Officer filed an appeal challenging the order dated 28.11.2019 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, which approved the Resolution Plan submitted by Respondent Nos. 2 and 3. The Appellant felt aggrieved by the order approving the Resolution Plan and filed this appeal. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Ricoh India Ltd., commenced on 14.05.2018. The IRP made a public announcement on 28.05.2018. The Appellant filed a claim in Form F for Rs. 510,636,046 as liabilities arising out of CST, VAT, and Sales Tax. The CoC confirmed the appointment of IRP as Resolution Professional on 17.06.2018. The Resolution Professional issued multiple lists of creditors, including the

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## Facts

The State Tax Officer filed an appeal against the approval of a Resolution Plan for Ricoh India Ltd. The CIRP commenced on 14.05.2018. The Appellant filed a claim for Rs. 510,636,046 related to CST, VAT, and Sales Tax. The Resolution Professional acknowledged the claim but marked it as 'under verification' due to pending disputes. The Resolution Plan, approved by the CoC and the Adjudicating Authority, treated statutory claims as 'nil', proposing no payment to statutory authorities. The Appellant did not challenge the non-admission of the claim before the Adjudicating Authority. The Supreme Court, in 'Kalpraj Dharamshi & Anr. vs. Kotak Investment Advisors Limited', upheld the approval of the Resolution Plan. The Resolution Plan was fully implemented by March 2021.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the Resolution Plan that treated the …

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

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**Reasoning:** The court reasoned that the Appellant's claim was noted but not admitted due to pending

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**Interpretation:** The interpretation is that the Adjudicating Authority's role is limited to

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**Application:** The ratio and reasoning apply to the specific facts because the Adjudicating

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** State Tax O…
- **Respondents:** Ricoh Indi…
- **Advocates:** Ritu…; Abhinav V…; +4 more

## Timeline

- **2018-05-14 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2018-05-28 — Public Announcement by…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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