The Supreme Court on March 11 upheld a Committee of Creditors' (CoC) decision to approve the joint bid by Kalpraj Dharamshi and Rekha Jhunjhunwala for Ricoh India, an IT peripherals and services company.
The country's top court overturned a National Company Law Appellate Tribunal order upholding objections red-flagged by Kotak Investment Advisors.
The NCLAT had set aside the approval given by the National Company Law Tribunal's (NCLT) to the resolution plan after Kotak Investment Advisors said that the consortium's bid was accepted after the expiry of the deadline.
The appellate tribunal had given the CoC of Ricoh India 10 days to decide afresh on the resolution plan, failing which the company would face liquidation as the Corporate Insolvency Resolution Period (CIRP) timeline under the Insolvency and Bankruptcy Code had lapsed.
Dharamshi and Jhunjhunwala consortium then sought the Supreme Court's intervention which maintained the status quo and asked Kotak Investment Advisors to respond on the matter.