Dismissed

Company Appeal(at)(Ins) 445/CN/2026 of M P Sakthivel v. Mr. Mahalingam Suresh Kumar

NCLAT17 Sept 2026445/CN/2026

Case brief

AI extract

What is this about?

These appeals were filed by personal guarantors of a corporate debtor challenging decisions made in corporate insolvency proceedings. The National Company Law Appellate Tribunal dismissed the appeals, noting non-compliance with a direction to file a joint repayment plan and the prior rejection of such a plan by the Committee of Creditors (CoC), finding no further ground for consideration.

What did the court decide?

The appeals were dismissed with no costs.

Company Appeal(at)(Ins) 445/CN/2026 of M P Sakthivel vs… — Insolvency and Bankruptcy | NCLAT (2026)

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NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI

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(APPELLATE JURISDICTION)

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Company Appeal (AT) (CH) (Ins) No. 444/2026 (IA Nos. 1257 & 1258/2026)

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In the matter of:

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K M Panneerselvam 9, Thillai Nagar, Erode TN 638 001 …Appellant Vs Mr. Mahalingam Suresh Kumar Resolution Professional 2nd Floor, CODISSIA G D Naidu Towers Huzur Road, Coimbatore TN 641 018 ...Respondent No. 1 Indian Overseas Bank Special Asset Recovery Management Branch 11/952, Cross Cut Road Gandhipuram, Coimbatore TN 641 012 ...Respondent No. 2

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Aditya Birla Capital Limited No. 1(78), Star Avenue, 6th Cross Victoria Layout, Bangalore KA 560 025 ...Respondent No. 3 Tamilnad Mercantile Bank Limited KMP Tower 41, Theppakulam Street, Erode TN 638 001 ...Respondent No. 4

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Standard Chartered Bank 19, Rajaji Salai, Parrys Corner Chennai TN 600 001 ...Respondent No. 5

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Mr. Ravindra Beleyur Interim Resolution Professional of KMP Spinners Private Limited 'Shreevathsa' 428, 19th B Cross, 3rd Block Jayanagar, Bangalore KA 560 011 ...Proforma Respondent Present : For Appellant : Mr. AS. Sathish Kumar, PCS

¶9

Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 1 of 6

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For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3

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Mr. V Manivannan, Advocate for R5

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With

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Company Appeal (AT) (CH) (Ins) No. 445/2026 (IA Nos. 1259 & 1260/2026)

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In the matter of:

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M P Sakthivel

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9, Thillai Nagar, Erode TN 638 001

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…Appellant

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Mr. Mahalingam Suresh Kumar Resolution Professional

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2nd Floor, CODISSIA G D Naidu Towers Huzur Road, Coimbatore TN 641 018 ...Respondent No. 1

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Indian Overseas Bank

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Special Asset Recovery Management Branch 11/952, Cross Cut Road Gandhipuram, Coimbatore TN 641 012 ...Respondent No. 2

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Aditya Birla Capital Limited No. 1(78), Star Avenue, 6th Cross Victoria Layout, Bangalore KA 560 025 ...Respondent No. 3

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Tamilnad Mercantile Bank Limited KMP Tower

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41, Theppakulam Street, Erode TN 638 001 ...Respondent No. 4

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Standard Chartered Bank

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19, Rajaji Salai, Parrys Corner Chennai TN 600 001 ...Respondent No. 5

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Mr. Ravindra Beleyur Interim Resolution Professional of KMP Spinners Private Limited 'Shreevathsa' 428, 19th B Cross, 3rd Block Jayanagar, Bangalore KA 560 011 ...Proforma Respondent

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Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 2 of 6

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Present : For Appellant : Mr. AS. Sathish Kumar, PCS For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3 Mr. V Manivannan, Advocate for R5

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With

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Company Appeal (AT) (CH) (Ins) No. 446/2026 (IA Nos. 1261 & 1262/2026)

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In the matter of: M P Mohansundar 9, Thillai Nagar, Erode TN 638 001 …Appellant

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Mr. Mahalingam Suresh Kumar Resolution Professional

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2nd Floor, CODISSIA G D Naidu Towers Huzur Road, Coimbatore TN 641 018 ...Respondent No. 1

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Indian Overseas Bank Special Asset Recovery Management Branch 11/952, Cross Cut Road Gandhipuram, Coimbatore TN 641 012 ...Respondent No. 2

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Aditya Birla Capital Limited No. 1(78), Star Avenue, 6th Cross Victoria Layout, Bangalore KA 560 025 ...Respondent No. 3

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Mr. Ravindra Beleyur Interim Resolution Professional of KMP Spinners Private Limited 'Shreevathsa' 428, 19th B Cross, 3rd Block Jayanagar, Bangalore KA 560 011 ...Proforma Respondent

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Present :

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For Appellant : Mr. AS. Sathish Kumar, PCS For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3

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Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 3 of 6

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With Company Appeal (AT) (CH) (Ins) No. 447/2026

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(IA Nos. 1263 & 1264/2026)

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In the matter of:

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R Subha 9, Thillai Nagar, Erode TN 638 001 …Appellant

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Mr. Mahalingam Suresh Kumar Resolution Professional 2nd Floor, CODISSIA G D Naidu Towers Huzur Road, Coimbatore TN 641 018 ...Respondent No. 1

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Indian Overseas Bank Special Asset Recovery Management Branch 11/952, Cross Cut Road Gandhipuram, Coimbatore TN 641 012 ...Respondent No. 2

¶50

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Mr. Ravindra Beleyur Interim Resolution Professional of KMP Spinners Private Limited 'Shreevathsa' 428, 19th B Cross, 3rd Block Jayanagar, Bangalore KA 560 011 ...Proforma Respondent

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Present : For Appellant : Mr. AS. Sathish Kumar, PCS For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3 With

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Company Appeal (AT) (CH) (Ins) No. 448/2026

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(IA Nos. 1265 & 1266/2026)

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Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 4 of 6

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In the matter of:

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P S Sathish Kumar

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5, Velli Street, Erode TN 638 004 …Appellant

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Mr. Mahalingam Suresh Kumar Resolution Professional 2nd Floor, CODISSIA G D Naidu Towers Huzur Road, Coimbatore TN 641 018

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...Respondent No. 1

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Indian Overseas Bank

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Special Asset Recovery Management Branch 11/952, Cross Cut Road Gandhipuram, Coimbatore TN 641 012 ...Respondent No. 2 s

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Mr. Ravindra Beleyur Interim Resolution Professional of KMP Spinners Private Limited

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'Shreevathsa' 428, 19th B Cross, 3rd Block Jayanagar, Bangalore KA 560 011 ...Proforma Respondent

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Present :

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For Appellant : Mr. AS. Sathish Kumar, PCS For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2

ORDER

(Hybrid Mode)

17.09.2026:

These appeals were preferred by the personal guarantors of the corporate debtor.

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As indicated in our earlier order dated 07.09.2026, the direction of the

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Adjudicating Authority enabling these appellants to file a joint repayment plan,

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and to consider the same, was not complied with.

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Heard both sides. It was brought to our notice that the minutes of the 4^th

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Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 5 of 6

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meeting of the CoC dated 21.02.2026, wherein it was recorded that the revised

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joint repayment plan dated 18.02.2026 was rejected by the CoC. The minutes of

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the CoC itself records it as a joint repayment plan.

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We do not consider that anything further requires to be considered in

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these appeals. The appeals are accordingly dismissed. No cost.

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[Justice N. Seshasayee] Member (Judicial)

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[Jatindranath Swain] Member (Technical)

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DD/MS/AK

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Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 6 of 6

Company Appeal(at)(Ins) 445/CN/2026 of M P Sakthivel v. Mr. Mahalingam Suresh Kumar

Case brief

What is this about?

What did the court decide?

Company Appeal(at)(Ins) 445/CN/2026 of M P Sakthivel v. Mr. Mahalingam Suresh Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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