# In the matter of Omkaram Venkata Ramana vs. Bank of India & Ors.

> NCLAT judgment dated 2026-04-01. Citation: TCN-2026-NCLAT-00078. The Appellant, Mr. Omkaram Venkata Ramana, filed an appeal against the order dated 17.03.2023…

- **Court:** NCLAT
- **Order date:** 1 Apr 2026
- **Citation:** TCN-2026-NCLAT-00078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/omkaram-venkata-ramana-vs-bank-of-india-ors-e360ab9e

## Summary

### Background

The Appellant, Mr. Omkaram Venkata Ramana, filed an appeal against the order dated 17.03.2023 passed by the National Company Law Tribunal, Amaravati Bench, in IA(IBC) No.58/2022 in CP(IB) No.217/94/AMR/2019. The Appellant, promoter of Nithin Group of Companies, had availed loan facilities from Bank of India and also given a personal guarantee. Proceedings under Section 94 of the I&B Code, 2016, were initiated against him.

## Facts

The Appellant, Mr. Omkaram Venkata Ramana, is the promoter of Nithin Group of Companies.

The Appellant availed loan facilities from Bank of India and provided a personal guarantee for the loans.

Proceedings under Section 94 of the I&B Code, 2016, were initiated against the Appellant.

The Appellant submitted a repayment plan to the Resolution Professional, which was placed before the Committee of Creditors (CoC).

Bank of India, holding 71.22% voting share, rejected the repayment plan.

The Appellant's repayment plan offered Rs.68.84 lakhs, while the outstanding dues to Bank of India were more than Rs.106 crores.

The Adjudicating Authority accepted the Resolution Professional's report and the CoC's decision to reject the repayment plan.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was obligated to direct reconsideration of the repayment plan …

**Ratio:** The Adjudicating Authority has discretion under Section 114(3) to direct reconsideration

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**Reasoning:** The Tribunal held that the discretion under Section 114(3) is not absolute and is

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**Interpretation:** Section 114(3) provides an enabling provision for the Adjudicating Authority to

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**Application:** In this case, the Tribunal found that the gap between the offered amount

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## Parties

- **Judges:** Ashok Bh…; Sharad Kumar…; +1 more
- **Appellants:** Omkaram Venkata…
- **Respondents:** Bank of…; Sreenivasa Rao…
- **Advocates:** Arjun S…; R. Umas…; +1 more

## Timeline

- **2023-03-17 — Order Da…**: Order passed by the Learned National…
- **2022-03-31 — Meeting of Cr…**: Meeting of creditors held where the repayment plan submitted by the Appellant was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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