In these appeals by personal guarantors, the National Company Law Appellate Tribunal dismissed the challenges after noting that the Adjudicating Authority's direction to file a joint repayment plan was not complied with and the CoC had rejected the proposed plan.
Appeals dismissed with no costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI
(APPELLATE JURISDICTION)
Company Appeal (AT) (CH) (Ins) No. 444/2026 (IA Nos. 1257 & 1258/2026)
In the matter of:
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
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
Standard Chartered Bank 19, Rajaji Salai, Parrys Corner Chennai TN 600 001 ...Respondent No. 5
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
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 1 of 6
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
With
Company Appeal (AT) (CH) (Ins) No. 445/2026 (IA Nos. 1259 & 1260/2026)
In the matter of:
M P Sakthivel
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
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
Standard Chartered Bank
19, Rajaji Salai, Parrys Corner Chennai TN 600 001 ...Respondent No. 5
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
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 2 of 6
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
With
Company Appeal (AT) (CH) (Ins) No. 446/2026 (IA Nos. 1261 & 1262/2026)
In the matter of: M P Mohansundar 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
Aditya Birla Capital Limited No. 1(78), Star Avenue, 6th Cross Victoria Layout, Bangalore KA 560 025 ...Respondent No. 3
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 For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 3 of 6
With Company Appeal (AT) (CH) (Ins) No. 447/2026
(IA Nos. 1263 & 1264/2026)
In the matter of:
R Subha 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
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
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 For Respondents : Mr. AG. Sathyanarayana, Advocate for R1/RP Mr. ML. Ganesh, Advocate for R2 Ms. Sneha Parthasarathy, Advocate for R3 With
Company Appeal (AT) (CH) (Ins) No. 448/2026
(IA Nos. 1265 & 1266/2026)
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 4 of 6
In the matter of:
P S Sathish Kumar
5, Velli Street, Erode TN 638 004 …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 s
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 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.
As indicated in our earlier order dated 07.09.2026, the direction of the
Adjudicating Authority enabling these appellants to file a joint repayment plan,
and to consider the same, was not complied with.
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 5 of 6
meeting of the CoC dated 21.02.2026, wherein it was recorded that the revised
joint repayment plan dated 18.02.2026 was rejected by the CoC. The minutes of
the CoC itself records it as a joint repayment plan.
these appeals. The appeals are accordingly dismissed. No cost.
[Justice N. Seshasayee] Member (Judicial)
[Jatindranath Swain] Member (Technical)
DD/MS/AK
Comp App (AT) (CH) (Ins) Nos. 444, 445, 446, 447 & 448/2026 Page 6 of 6
2 issues framed by the court
Whether an appeal lies against the non-compliance of the Adjudicating Authority's direction to file a joint repayment plan.
Whether the rejection of the revised joint repayment plan by the Committee of Creditors warrants intervention in the appeals filed by personal guarantors.
K M Panneerselvam
M P Sakthivel
M P Mohansundar
R Subha
P S Sathish Kumar
Mr. Mahalingam Suresh Kumar Resolution Professional
N. Seshasayee
Jatindranath Swain
As recorded by the court registry
An application for interim relief made while the main matter is pending.
Judgements on the same questions, provisions and authorities, from every court
