In the matter of Ramsarup Industries Limited
- CitationI.A. (IB) No. 645-KB-2023 and CP (IB) No. 25-KB-2023
Ratio decidendi
The rule this decision rests on
The reliefs sought in a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, and in the connected interlocutory application, become infructuous where the claim they seek to enforce has already been satisfied in compliance with an earlier appellate order, and such proceedings are therefore dismissed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
A petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with rile 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. In the matter of: CFM Asset Reconstruction Private Limited …Financial Creditor Versus Ramsarup Industries Limited …Corporate Debtor I.A. (IB) No. 645/KB/2023 An Application under section 11, 65 and 75 read with section 60(5) of the Insolvency and Bankruptcy Code, 2016. In the matter of: Ramsarup Industries Limited …Applicant Versus CFM Asset Reconstruction Private Limited …Respondent
Order pronounced on: 04 April 2024 Coram: Shri Rohit Kapoor : Member (Judicial) Shri Balraj Joshi : Member (Technical) Appearances (through hybrid mode): For the Financial Creditor: Mr. Siddhartha Mitra, Senior Advocate Mr. Siddhartha Datta, Advocate Mr. Subhankar Nag, Advocate Mr. Deepanjan Dutta Roy, Advocate
KOLKATA BENCH, COURT-I I.A. (IB) No. 645/KB/2023 and CP (IB) No. 25/KB/2023 For the Corporate Debtor : Mr. Ratnanko Banerji, Senior Advocate Mr. Joy Saha, Senior Advocate Ms. Manju Bhuteria, Advocate Ms. Vaibhavi Pandey, Advocate Ms. Shivangi Thard, Advocate ORDER
Per Balraj Joshi, Member (Technical)
1. This Court convened through hybrid mode.
2. The Company Petition has been filed by CFM Asset Reconstruction Private Limited against Ramsarup Industries Limited for default in payment of the amount proposed in the Resolution Plan filed by S.S Natural Resources Private Limited and Shyam SEL & Power Limited which was approved by this Adjudicating Authority on 04 September 2019.
3. The Interlocutory Application and been filed by Ramsarup Industries Limited for dismissal of the Company Petition.
4. CFM Asset Reconstruction Private Limited had filed I.A. (IB) No. 746/KB/2022 in C.P. (IB) No. 349/KB/2017 seeking payment from the Successful Resolution Applicant which was also under consideration.
5. In I.A. (IB) No. 746/KB/2022, the Chairman of the erstwhile Monitoring who was also the ex-RP, has filed an affidavit affirmed on 28 December 2023, wherein it has been submitted that in compliance of the orders of the Hon’ble NCLAT dated 20 October 2023, further modified on 08 December 2023, the payment has been made is given hereunder:
(In INR) Particulars Date of Principal Interest Total Payment Payment 30.10.2023 2,480,209,427 192,217,369 2,672,426,796 pursuant to paragraph 30(i) of the order dated
KOLKATA BENCH, COURT-I I.A. (IB) No. 645/KB/2023 and CP (IB) No. 25/KB/2023 20.10.2023 Payment 21.11.2023 13,739,556 NIL 13,739,556 pursuant to paragraph 30(ii) of the order dated 20.10.2023 Payment 16.12.2023 155,151,225 10,11,883 156,163,108 pursuant to the order dated 08.12.2023
6. Since the claim raised in this CP is same as the one covered in the NCLAT order(Supra), taking into consideration the aforementioned affidavit, the reliefs sought in C.P. (IB) No. 25/KB/2023 and I.A. (IB) No. 645/KB/2023 has now become infructuous, hence are hereby dismissed. 7. Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.
Balraj Joshi Rohit Kapoor Member (Technical) Member (Judicial)
Order signed on this, the 4th day of April,2024
GGRB_LRA
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free