In Brief
The Supreme Court upheld the approval of Kalpraj's resolution plan for Ricoh India Limited in insolvency proceedings. It held that KIAL's appeals filed before NCLAT were within limitation since they had bona fide pursued a writ petition in the High Court on grounds of breach of natural justice, and the period spent there was excludable under Section 14 principles. The Court rejected arguments that KIAL waived its rights through submission of revised plans or unconscionable contract clauses. Most significantly, the Court reaffirmed that the commercial wisdom of the Committee of Creditors in approving a resolution plan is non-justiciable and cannot be interfered with by appellate tribunals except on narrow statutory grounds. NCLAT's reversal was set aside, and NCLT's approval order was restored.
The lawyer headnote and full judgment text are available to registered users.