# In the matter of Kalpraj Dharamshi & Anr. Vs. Kotak Investment Advisors Ltd. & Anr. Civil Appeal Nos. 2943-2944 of 2020

> SC judgment dated 2021-03-10. Citation: TCN-2021-SC-00065. The case involves a challenge to the resolution plan of Ricoh India Limited under the Insolvency…

- **Court:** SC
- **Order date:** 10 Mar 2021
- **Citation:** TCN-2021-SC-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/kalpraj-dharamshi-anr-vs-kotak-investment-advisors-ltd-anr-civil-appeal-nos-2943-b0f9a269

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the appeals filed by KIAL …

**Ratio:** The provisions of Section 14 of the Limitation Act, or the principles underlying it, can

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**Reasoning:** The court reasoned that KIAL had approached the High Court of Bombay making a specific

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**Interpretation:** Section 14 of the Limitation Act allows for the exclusion of time spent

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**Application:** The court applied this principle to KIAL, finding that it had bona fide pursued

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## Parties

- **Judges:** B.R. G…; A.M. KHAN…; +1 more
- **Appellants:** Kalpraj Dha…
- **Respondents:** Ricoh India…; Kotak Investment…

## Timeline

- **2018-01-29 — Application be…**: The Corporate Debtor filed an application before NCLT under Section 10 of the Insolvency…
- **2018-05-14 — NCLT Admits P…**: NCLT admitted the Petition and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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