Dismissed

Ia 1265/CN/2026 of Ps Satish Kumar v. Mr Mahalingam Suresh Kumar

NCLAT17 Sept 20261265/CN/2026

Case brief

AI extract

What is this about?

Five company appeals by personal guarantors were dismissed by the National Company Law Appellate Tribunal at Chennai. The Tribunal held that no further consideration was required as the Committee of Creditors had already rejected the revised joint repayment plan in the underlying proceedings.

What did the court decide?

None. The appeals were dismissed with no order as to cost.

Ia 1265/CN/2026 of Ps Satish Kumar vs Mr Mahalingam… — Insolvency and Bankruptcy | NCLAT (2026)

¶1

NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI

¶2

(APPELLATE JURISDICTION)

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

¶4

In the matter of:

¶5

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

¶6

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

¶7

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

¶8

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

¶18

¶19

Mr. Mahalingam Suresh Kumar Resolution Professional

¶20

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

¶21

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

¶23

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

¶24

Tamilnad Mercantile Bank Limited KMP Tower

¶25

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

¶26

Standard Chartered Bank

¶27

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

¶28

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

¶29

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

¶30

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

¶31

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

¶34

¶35

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

¶37

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

¶38

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

¶39

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

¶40

Present :

¶41

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

¶42

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

¶43

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

¶44

(IA Nos. 1263 & 1264/2026)

¶45

In the matter of:

¶46

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

¶47

¶48

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

¶49

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

¶50

¶51

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

¶52

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

¶53

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

¶54

(IA Nos. 1265 & 1266/2026)

¶55

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

¶56

In the matter of:

¶57

P S Sathish Kumar

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5, Velli Street, Erode TN 638 004 …Appellant

¶59

¶60

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

¶61

...Respondent No. 1

¶62

Indian Overseas Bank

¶63

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

¶64

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

¶65

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

¶66

Present :

¶67

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.

¶72

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

¶73

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

¶74

and to consider the same, was not complied with.

¶75

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

¶76

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

¶77

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)

¶84

DD/MS/AK

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

Ia 1265/CN/2026 of Ps Satish Kumar v. Mr Mahalingam Suresh Kumar

Case brief

What is this about?

What did the court decide?

Ia 1265/CN/2026 of Ps Satish Kumar v. Mr Mahalingam Suresh Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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