The case involves a challenge to the resolution plan of Ricoh India Limited under the Insolvency and Bankruptcy Code (IBC). Kotak Investment Advisors Limited (KIAL) objected to the acceptance of Kalpraj Dharamshi's resolution plan, arguing that it was submitted beyond the prescribed deadline. The National Company Law Tribunal (NCLT) approved Kalpraj's plan, but the National Company Law Appellate Tribunal (NCLAT) reversed this decision, finding that the procedure adopted by the Resolution Professional (RP) and the Committee of Creditors (CoC) was in breach of the IBC's provisions. This led to appeals before the Supreme Court.
Ricoh India Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) invited resolution plans, setting a deadline. Kalpraj Dharamshi submitted a resolution plan after the deadline. Kotak Investment Advisors Limited (KIAL), a financial creditor, objected to the acceptance of Kalpraj's plan. The Committee of Creditors (CoC) approved Kalpraj's plan. KIAL challenged the approval before the National Company Law Tribunal (NCLT), which approved the plan. KIAL then appealed to the National Company Law Appellate Tribunal (NCLAT), which reversed the NCLT's decision. Kalpraj and other parties then appealed to the Supreme Court. Key facts are the late submission of Kalpraj's plan, KIAL's
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NCLT admitted the…
The case involves a challenge to the resolution plan of Ricoh India Limited under the Insolvency and Bankruptcy Code (IBC). Kotak Investment Advisors Limited (KIAL) objected to the acceptance of Kalpraj Dharamshi's resolution plan, arguing that it was submitted beyond the prescribed deadline. The National Company Law Tribunal (NCLT) approved Kalpraj's plan, but the National Company Law Appellate Tribunal (NCLAT) reversed this decision, finding that the procedure adopted by the Resolution Professional (RP) and the Committee of Creditors (CoC) was in breach of the IBC's provisions. This led to appeals before the Supreme Court.
Ricoh India Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) invited resolution plans, setting a deadline. Kalpraj Dharamshi submitted a resolution plan after the deadline. Kotak Investment Advisors Limited (KIAL), a financial creditor, objected to the acceptance of Kalpraj's plan. The Committee of Creditors (CoC) approved Kalpraj's plan. KIAL challenged the approval before the National Company Law Tribunal (NCLT), which approved the plan. KIAL then appealed to the National Company Law Appellate Tribunal (NCLAT), which reversed the NCLT's decision. Kalpraj and other parties then appealed to the Supreme Court. Key facts are the late submission of Kalpraj's plan, KIAL's
…The Corporate Debtor filed an application…
NCLT admitted the…