The commercial wisdom of CoC is not to be interfered with, excepting the limited scope as provided under Sections 30 and 31 of the I&B Code, says SC

Last updated: 17 March 2021

Court :
Supreme Court of India

Brief :
All these appeals, assail the judgment and orderof the National Company Law Appellate Tribunal, New Delhi(hereinafter referred to as “NCLAT”) dated 5.8.2020, passed in Company Appeal (AT) (Insolvency) Nos. 344345 of 2020.

Citation :
CIVIL APPEAL NOS.29432944 OF 2020

IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NOS.29432944 OF 2020

KALPRAJ DHARAMSHI & ANR. ...APPELLANT(S)

VERSUS

KOTAK INVESTMENT ADVISORS LTD.
& ANR. .... RESPONDENT(S)

WITH
CIVIL APPEAL NOS.31383139 OF 2020
CIVIL APPEAL NO. 29492950 OF 2020
CIVIL APPEAL NO. 847848 /2021
[D.NO.24125 OF 2020]

J U D G M E N T

B.R. GAVAI, J.

1. Leave to file Civil Appeal in Diary No. 24125 of 2020 is granted.

2. All these appeals, assail the judgment and orderof the National Company Law Appellate Tribunal, New Delhi(hereinafter referred to as “NCLAT”) dated 5.8.2020, passed in Company Appeal (AT) (Insolvency) Nos. 344345 of 2020.

3. By the said judgment and order dated 5.8.2020, NCLAT has allowed the appeals filed by Kotak InvestmentAdvisors Limited (hereinafter referred to as “KIAL”), respondent No.1 herein, aggrieved by two separate orders dated 28.11.2019 passed by National Company LawTribunal, Mumbai Bench (hereinafter referred to as “NCLT”or “Adjudicating Authority”) in M.A. No.1039 of 2019 andM.A. No. 691 of 2019. NCLAT has set aside the said orders passed in the said M.As. M.A. No.1039 of 2019 was filed by KIAL objecting to grant of approval to the resolution plansubmitted by Kalpraj Dharamshi and Rekha Jhunjhunwala,a consortium, (hereinafter referred to as “Kalpraj”), which isappellant in Civil Appeal Nos. 29432944 of 2020. NCLT has rejected the said M.A. Whereas, M.A. No. 691 of 2019 was filed by the Resolution Professional of Ricoh India Limited (hereinafter referred to as “the Corporate Debtor”) for grant of approval to the Resolution Plan submitted byKalpraj. NCLT has allowed the said M.A. and approved the resolution plan submitted by Kalpraj.

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