# In the matter of Ramsarup Industries Limited IA (IB) No. 664-KB-2021 in CP (IB) No. 349-KB-2017

> NCLT judgment dated 2022-06-28. Citation: TCN-2022-NCLT-04632. Kotak Mahindra Bank Limited filed I.A. (IB) No. 664/KB/2021 in CP (IB) No. 349/KB/2017 under…

- **Court:** NCLT
- **Order date:** 28 Jun 2022
- **Citation:** TCN-2022-NCLT-04632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ramsarup-industries-limited-ia-ib-no-664-kb-2021-in-cp-ib-no-349-kb-2017-735b70b7

## Summary

### Background

Kotak Mahindra Bank Limited filed I.A. (IB) No. 664/KB/2021 in CP (IB) No. 349/KB/2017 under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to rework the distribution pattern, pay Rs.1.44Crore, and stay all disbursals under the Resolution Plan.

## Facts

Kotak Mahindra Bank Limited extended a Working Capital Facility to Ramsarup Industries Limited in 2004, which was later enhanced in 2009.

The account of Ramsarup Industries Limited was declared as NPA in March 2011.

Ramsarup Industries Limited was admitted into CIRP on 08 January 2018, and an Interim Resolution Professional was appointed.

Kotak Mahindra Bank Limited filed a claim of Rs.66,08,00,000/-, which was admitted by the Interim Resolution Professional.

Kotak Mahindra Bank Limited had a 1.13% voting share in the Committee of Creditors.

The Liquidation value of the Corporate Applicant was determined as Rs.615,00,00,000/-, entitling Kotak Mahindra Bank Limited to Rs.1,44,00,000/-.

…

## Issues and analysis

### Issue 1: Whether the amended section 30(2) of the Insolvency and Bankruptcy Code, 2016, is applicable to the …

**Ratio:** Explanation 2 of section 30(2)(b) of the Code envisages that the provisions of section

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**Reasoning:** The Resolution Plan of Ramsarup Industries Limited was still under the consideration of

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**Interpretation:** The amended provision applies to cases where the resolution plan was not

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**Application:** The Adjudicating Authority considered the timeline of events and determined

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Ramsarup Industrie…; Kshitiz Chhawchhar…; +10 more
- **Advocates:** Manju Bhu…; V. Ke…; +5 more

## Timeline

- **2011-03-00 — NPA Decla…**: The account of the Corporate Applicant was declared as Non-Performing Asset (“NPA”) on…
- **2018-01-08 — CIRP Admi…**: This Adjudicating Authority admitted the Corporate Applicant in CIRP on 08 January 2018…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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