# In the matter of S S Natural Resources Private Limited Vs. Ramsarup Industries Limited & Ors. Civil Appeal No 1142 of 2021

> SC judgment dated 2021-05-04. Citation: TCN-2021-SC-00045. The National Company Law Tribunal (NCLT) approved a resolution plan for Ramsarup Industries Ltd.…

- **Court:** SC
- **Order date:** 4 May 2021
- **Citation:** TCN-2021-SC-00045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/s-s-natural-resources-private-limited-vs-ramsarup-industries-limited-ors-civil-a-15ce0b73

## Summary

### Background

The National Company Law Tribunal (NCLT) approved a resolution plan for Ramsarup Industries Ltd. with a 74.41% voting share, as per its order dated September 4, 2019. This plan was approved under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, and was binding on the Corporate Debtor, its employees, members, creditors, guarantors, the Central Government, any State Government, and other stakeholders. The resolution plan included security expenses incurred by the Financial Creditor/West Bengal Industrial Development Corporation (WBIDCL), which was admitted by the Resolution Professional (RP) in the upfront amount payable to the creditors. The NCLAT affirmed the NCLT's order. The appellant raised no substantial question of law.

## Facts

The National Company Law Tribunal (NCLT) approved a resolution plan for Ramsarup Industries Ltd., which was approved by the Committee of Creditors (CoC) with a 74.41% voting share. This approval was under Section 31(1) of the Insolvency and Bankruptcy Code, 2016. The plan was binding on the Corporate Debtor, Ramsarup Industries Limited, and its stakeholders. The resolution plan included security expenses incurred by the Financial Creditor/West Bengal Industrial Development Corporation (WBIDCL). The National Company Law Appellate Tribunal (NCLAT) affirmed the NCLT's order. S S Natural Resources Private Limited filed an appeal against the NCLAT's order, but the Supreme Court dismissed the appeal, finding no substantial question of law. The court also considered other

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## Issues and analysis

### Issue 1: Whether the Supreme Court should interfere with the order of the National Company Law Appellate …

**Ratio:** The Supreme Court generally does not interfere with decisions of the NCLT and NCLAT

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**Reasoning:** The court found that the resolution plan had been approved by the CoC and the NCLT, and

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**Interpretation:** This case reinforces the principle that the commercial wisdom of the Committee

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**Application:** In this specific case, since the resolution plan was approved by the CoC and

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## Parties

- **Judges:** Dr Dhananjaya Y…; M.R.…
- **Appellants:** S S Natural…
- **Respondents:** Ramsarup Industrie…

## Timeline

- **2019-09-04 — NCLT Ord…**: The National Company Law Tribunal (NCLT) approved the resolution plan of Ramsarup…
- **2021-03-04 — NCLAT Or…**: NCLAT order in Company Appeal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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