In the matter of Kotak Investment Advisors Limited Vs. Mr. Krishna Chamadia & Ors, the
National Company Law Appellate Tribunal (NCLAT) vide judgment dated 05.08.20 has set
aside an order by the Mumbai bench of the National Company Law Tribunal (NCLT) approving
the resolution plan submitted by a consortium led by investor Kalpraj Dharamshi to acquire
Ricoh India.
NCLAT held that the Resolution Professional had committed a grave error by accepting the
resolution plan after the expiry of the deadline for submission, without notifying the extension of
the timeline for submission of EOI, as per provision of the I&B Code and Regulations thereof, at
a time when other bids had already been opened and deliberated upon by the Committee of
Creditors (CoC). Further, it ordered Ricoh’s CoC to take its decision afresh within 10 days on the
resolution plans that had been submitted within the stipulated timeline.
Read more at: https://www.livelaw.in/corporate/nclat-sets-aside-nclts-order-for-acquisition-of-
ricoh-by-dharamshi-jhunjhunwala-consortium-161292