Supreme Court restores NCLT order in Ricoh India case

Reinstates brand identity as Minosha India Ltd

Supreme Court restores NCLT order in Ricoh India case
Ricoh pro C5300

The supreme court of India on 10th March upheld the decision of the National Company Law Tribunal (NCLT) and threw out the conclusion of the National Company Law Appellate Tribunal (NCLAT) that questioned the work of the resolution professional in awarding Ricoh India to the Kalpraj Dharamshi-Rekha Jhunjhunwala group. 

Upholding the ‘commercial wisdom’ displayed by the Committee of Creditors (CoC) in the Kalpraj Dharamshi versus Kotak Investment Advisories Ltd (KIAL) case, the Supreme Court in its 150-page judgment noted that the National Company Law Appellate Tribunal (NCLAT) acted in excess of its jurisdiction. The apex court observed that both the NCLAT and the NCLT could not overstep the CoC’s decision. The matter doesn’t fall within the limited scope of sections 30 and 31 of the Insolvency Bankruptcy Code (IBC), thereby dismissing the NCLAT order that favored KIAL. 

Earlier, Minosha India Limited (formerly Ricoh India Limited) had appealed against the NCLAT judgment while supporting the resolution professional’s conduct (RP) in bringing about a quick insolvency process approved by the majority of CoC. NCLT approved the resolution plan submitted by a consortium led by Kalpraj Dharamshi and Rekha Jhunjhunwala in November 2019, and the implementation had commenced. While the case was being heard and the order was reserved at NCLAT, there was no restraint on implementing the resolution plan by Dharamshi and Jhunjhunwala. 

The CoC’s decision was accepted by a majority of 84.36%, while Kotak Bank favored dissenting KIAL with only 0.97% voting rights. Subsequently, in 2020, the Registrar of Companies issued a certificate of the change in name from Ricoh India Ltd. to Minosha India Ltd. 

Elated by the judgment, Atul Thakker, managing director of Minosha India, said, “Truth has prevailed. Our respect and faith in the judicial process has been vindicated. The decision upholds the primary [primacy] of the commercial wisdom of the CoC. With this judgment, all doubts about our ownership and continuity have been put to rest.”

Minosha India, in its press release on the judgment, says after the Supreme Court’s decision, the company “will set in motion a course of action to vigorously implement its growth plan.”

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

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