NCLAT sets aside NCLT orders approving resolution plan for Ricoh India

The National Company Law Appellate Tribunal (NCLAT) has set aside NCLT orders approving the bids of a consortium comprising two investors Kalpraj Dharamshi and Rekha Jhunjhunwala for the IT peripherals and services firm Ricoh India.

Allowing the plea of Kotak Investment Advisors, a three-member NCLAT bench has directed the Committee of Creditors (CoC) of Ricoh India to decide afresh within ten days from the date of the order, which is August 5, 2020.

Failing to this, Ricoh India would face liquidation as the mandated timeline of Corporate Insolvency Resolution Period (CIRP) under the Insolvency & Bankruptcy Code has already lapsed, the appellate tribunal further said.