Ilyas Ghulam Hussain Ghouse & Ors. vs Venkata Chalam Varanasi Interim Resolution Professional Of Gvk Energy Limited

Court: National Company Law Appellate Tribunal
Case type: IA
Decided on: 06-04-2026

<div> NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION) Company Appeal (AT) (CH) (Ins) No. 101 / 2026 (IA No. 305 / 2026) In the matter of: Mr. Ilyas Ghulam Hussain Ghouse Suspended Director for M/s. GVK Energy Limited Resident of Flat 4E, Mayfair Apartments, Road No. 2, Banjara Hills, Hyderabad - 500 034. … Appellant No. 1 Mr. Audisesha Reddy Putchalapalli Suspended Director for M/s. GVK Energy Limited Resident of Flat No. 106, Khendrys May Flower Apartment, Mayur Marg, Begumpet, Hyderabad - 500 016. … Appellant No. 2 Mr. Murali Krishna Paturu Suspended Director for M/s. GVK Energy Limited Flat No. S-2, Sri Sai Deepthi Homes, Jawahar Nagar, Moulali, Hyderabad - 500 040. … Appellant No. 3 Mr. T. Ravi Prakash KMP being CFO & CS for M/s. GVK Energy Limited Paigah House, 156-159, Sardar Patel Road, Secunderabad - 500 003. … Appellant No. 4 Mr. Sanjeev Kumar Singh Senior VP-Finance & Accounts for M/s. GVK Energy Limited, Paigah House, 156-159, Sardar Patel Road, Secunderabad - 500 003. … Appellant No. 5 Mr. B. Aswartha Narayana Reddy General Manager - Finance & Accounts for M/s. GVK Energy Ltd. Paigah House, 156-159, Sardar Patel Road, Secunderabad - 500 003. … Appellant No. 6 Mr. Kishore Donthi Comp App (AT) (CH) (Ins) No. 101 / 2026 Page 1 of 4 Assistant Manager-Finance & Accounts for M/s. GVK Energy Ltd. Paigah House, 156-159, Sardar Patel Road, Secunderabad-500003. … Appellant No. 7 V Mr. Venkata Chalam Varanasi Interim Resolution Professional of GVK Energy Limited Resident of No. 12-13, 205, Street No. 2, Tarnaka, Secunderabad-500 017 … Respondent Present : For Appellants : Mr. Anant Merathia, Mr. Rishi Srinivas, Ms. Poornima Devi, Mr. Surraj K.M & Mr. Prahalad, Advocates For Respondent : Mr. Y. Suryanarayana, Advocate ORDER (Hybrid Mode) 06.04.2026: [Oral Judgment: Jatindranath Swain, Member (Technical)]: The Appellants are the Suspended Directors / Key Managerial Personnel of the Corporate Debtor M/s. GVK Energy Ltd. They seek to challenge a part of the impugned order dated 08.01.2026, passed by the Learned NCLT, Hyderabad Bench – II, in IA (IBC) / 900 / 2025 in CP (IB) No. 104 / 7 / HDB / 2023, in which directions were given to the Resolution Professional to initiate action against the Appellants under Section 68, 70 & 74 of I&B Code. In addition, the Appellants were directed, jointly and severally to refund an amount of Rs.2,28,85,216/- to the Corporate Debtor, within 15 days from the date of the order. The said order was passed by the Comp App (AT) (CH) (Ins) No. 101 / 2026 Page 2 of 4 Learned NCLT on an application moved by the Resolution Professional, alleging that the said amount were diverted from the bank accounts of the Corporate Debtor on 06.05.2025 and 07.05.2025, despite the moratorium under Section 14 of the Code coming into effect on 06.05.2025. 2. When the matter came up for hearing on 11.03.2026, the Learned Senior Counsel for the Appellant submitted that, the total amount that was alleged to have been paid in violation of Section 14 of the Code when Rs.2,28,85,216/- has since been remitted back into the accounts of the Corporate Debtor in full and that in view of the above, the action under Section 68, 70 & 74 of the I&B Code may not be pursued. 3. Mr. K. Mohit Kumar, Advocate entered appearance on behalf of the Interim Resolution Professional (IRP) and submitted that he has received instructions to the effect that the Resolution Professional does not propose to initiate any action under Section 68, 70 & 74 of the Code. He has further stated that, he will be filing his vakalat and also a memo to that effect. 4. Subsequently, Mr. K. Mohit Kumar, has filed his vakalat on the same day and has filed a memo to the effect that, the Corporate Debtor account was in receipt of the said amount on 23.01.2026, that, vide the impugned order under the Learned NCLT had granted liberty to Interim Resolution Professional (IRP) to file Comp App (AT) (CH) (Ins) No. 101 / 2026 Page 3 of 4 an appropriate application before the competent forum for the initiation of action against the Respondent under Section 68, 70 & 74 of the Code in accordance with law, that he has placed before the CoC, the impugned order along with the order of this Appellate Tribunal dated 11.03.2026, and that he does not contemplate to pursue any action under Section 68, 70 & 74 of the Code against the Appellants herein. 5. Today when the matter was called, The Learned Counsel for the Respondent appeared and stated that, he has already filed his vakalat on 11.03.2026 and the memo on 14.03.2026, as directed by this Appellate Tribunal, where he has reiterated that, he does not wish to take any further action under Section 68, 70 & 74 of the Code against the Appellants. 6. After going through the contents of the memo, we are of the view that, no further action need to be pursued in this Appeal and accordingly the Appeal is hereby ordered as 'disposed of' in terms of the memo submitted by the Respondent / Interim Resolution Professional. All Interlocutory Applications in the instant Company Appeal will also stand closed. [Justice N. Seshasayee] Member (Judicial) [Jatindranath Swain] Member (Technical) YS/MS/AK Comp App (AT) (CH) (Ins) No. 101 / 2026 Page 4 of 4 </div>