K M Panneerselvam vs Mr. Mahalingam Suresh Kumar & Ors.
- Court
- National Company Law Appellate Tribunal
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
s
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
s
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,
s
Coimbatore TN 641 012 ...Respondent No. 2
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.
th
2. Heard both sides. It was brought to our notice that the minutes of the 4
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.
3. We do not consider that anything further requires to be considered in
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