# In the matter of Ramswarup Industries Limited

> NCLT judgment dated 4 Apr 2024. Citation: TCN-2024-NCLT-01830. The application was filed by CFM Asset Reconstruction Private Limited, a financial creditor,…

- **Court:** NCLT
- **Order date:** 4 Apr 2024
- **Citation:** TCN-2024-NCLT-01830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramswarup-industries-limited-13fabc12

## Summary

### Background

The application was filed by CFM Asset Reconstruction Private Limited, a financial creditor, alleging that the Chairman of the erstwhile monitoring committee and the Successful Resolution Applicant (SRA) violated the terms of the approved Resolution Plan by unilaterally modifying it, thereby depriving the applicant of its legitimate share.

## Facts

IA (IB) No. 746/KB/2022 was filed by CFM Asset Reconstruction Private Limited, acting as Trustee of CFMARC Trust 81, against Mr. Kshitiz Chhawchharia, the Chairman of the erstwhile monitoring committee, and SS Natural Resources Private Limited, the Successful Resolution Applicant (SRA) for Ramsarup Industries. The application sought various reliefs, as detailed in Para 59 of the IA, aiming to nullify the entire resolution process. The applicant contended that the Chairman of the Monitoring Committee had violated the terms of the approved Resolution Plan and unilaterally modified it, preventing the applicant from receiving its legitimate share.

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## Issues and analysis

### Issue 1: Whether the payments due to the Financial Creditor, CFM Asset Reconstruction Pvt. Ltd., have been…

**Ratio:** The court found that the total amount directed by the NCLAT, including principal and…

**Reasoning:** The Adjudicating Authority examined the affidavit filed by the Chairman of the erstwhile…

**Interpretation:** The court interpreted the NCLAT's orders as requiring specific payments to be…

**Application:** Based on the verified payments, the court concluded that the grievances of the…

## Parties

- **Judges:** Rohit K…; Balraj…
- **Advocates:** For the…; ex Chairman of…; +10 more

## Timeline

- **June 27, 2023 — Adjudicating Authority…**: Adjudicating Authority disposed of IA (IB) No. 724/KB/2022, directing the respondent to…
- **October 20, 2023 — NCLAT Or…**: Hon'ble NCLAT modified the Adjudicating Authority's order in CA (AT) (Insolvency) no. 960…

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