# In the matter of Leo Meridian Infrastructure Projects and Hotels Limited

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00095. The case involves an application (IA 1441/2023) filed by Mr. K Ramakrishna Raju, President of…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leo-meridian-infrastructure-projects-and-hotels-limited-fdfd345c

## Summary

### Background

The case involves an application (IA 1441/2023) filed by Mr. K Ramakrishna Raju, President of Leo Meridian Employees Society, seeking representation in the Committee of Creditors (CoC) or other committees of the Corporate Debtor (Leo Meridian Infrastructure Projects & Hotels Ltd) to assist the Respondents. The applicant alleges irregularities and lack of support from the bank, leading to financial and operational losses for the Corporate Debtor. The applicant also raises concerns about the Resolution Professional (RP) and the conduct of the CoC.

## Facts

Leo Meridian Infrastructure Projects & Hotels Ltd (Corporate Debtor) is undergoing Corporate Insolvency Resolution Process (CIRP). Mr. K Ramakrishna Raju, President of Leo Meridian Employees Society, filed an application seeking representation in the Committee of Creditors (CoC). The applicant alleges irregularities and lack of support from the bank, leading to financial and operational losses for the Corporate Debtor. The applicant also raises concerns about the Resolution Professional (RP) and the conduct of the CoC, including allegations of collusion and mismanagement. The Respondent Bank initiated legal action by filing an application before the Debt Recovery Tribunal (DRT) in Hyderabad to recover its claim. The Bank has lodged a criminal complaint challenging

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## Issues and analysis

### Issue 1: Whether the Applicant herein has any "locus standi" that enables them to represent in the …

**Ratio:** Section 21 of the Insolvency and Bankruptcy Code (IBC) specifies that the Committee of

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**Reasoning:** The court reasons that based on the bare reading of Section 21 of IBC, only financial

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**Interpretation:** The interpretation of Section 21 of the IBC is that the composition of the CoC

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**Application:** Since the CIRP was initiated at the instance of a Financial Creditor, the role

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Leo Meridian…
- **Respondents:** Leo Meridian…; Union Bank of…

## Timeline

- **2018-01-01 — Initiation…**: CIRP initiated against Leo Meridian Infrastructure Projects & Hotels Ltd. Company…
- **2020-08-12 — Challenge to CoC…**: An Application was filed before this Tribunal, seeking to set aside the 28th meeting of…

## 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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