# 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-00046. 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-00046
- **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-282116d6

## Summary

### Background

The National Company Law Tribunal (NCLT) approved a resolution plan for Ramsarup Industries Ltd. with a 74.41% voting share, as per Section 31(1) of the Insolvency and Bankruptcy Code, 2016. This plan was binding on the Corporate Debtor, its employees, members, creditors, guarantors, the Central Government, any State Government, and other stakeholders. The NCLT's order was affirmed by the National Company Law Appellate Tribunal (NCLAT). 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 supported by 74.41% of the Committee of Creditors (CoC). This approval was made under Section 31(1) of the Insolvency and Bankruptcy Code, 2016. The NCLT's order was subsequently affirmed by the National Company Law Appellate Tribunal (NCLAT). The appellant challenged these decisions, but the Supreme Court found no substantial question of law to justify interfering with the lower courts' rulings. The resolution plan included provisions for security expenses incurred by the Financial Creditor/West Bengal Industrial Development Corporation.

## 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 defers to the commercial wisdom of the Committee of Creditors

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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 Supreme Court will not lightly

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**Application:** In this specific case, because the appellant failed to demonstrate a

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## Parties

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

## Timeline

- **2019-09-04 — NCLT Ord…**: The National Company Law Tribunal (NCLT) issued an order approving the resolution plan…
- **2021-05-04 — Supreme Cour…**: The Supreme Court dismissed the appeal against the NCLT's order, affirming the approval…

## 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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