Four appeals were filed challenging a common order passed by the National Company Law Tribunal (NCLT) in various interlocutory applications (IAs). The NCLT order allowed the liquidator to ratify an One-Time Settlement (OTS) transaction between Tamil Nadu Mercantile Bank (TMB) and Mr. S.V. Ramasamy, the personal guarantor, for the sale of assets of the Corporate Debtor (CD), M/s. Swastik Spinners (India) Private Limited. It rejected the prayer of Sri Sivajothi Spinning Mills Pvt Limited for the return of forfeited Earnest Money Deposit (EMD) and partially allowed the ex-liquidator Mr. S. Muthuraju's remuneration. Crucially, it directed TMB to remit the forfeited EMD amount back to the liquidator for distribution as per Section 53 of the I&B Code. The CD had entered
…Four appeals were filed challenging a common order passed by the NCLT in IA Nos. 1838/2023, 167/2023, 1240/2023, 1421/2023, and 1735/2024 in IBA/288/2018.
The NCLT allowed the liquidator's prayer in IA/1838/2023 to ratify the OTS transaction dated 17.07.2021 between Tamil Nadu Mercantile Bank (TMB) and Mr. S.V. Ramasamy.
The NCLT permitted the liquidator to sell the assets of the Corporate Debtor (CD) to Mr. S.V. Ramasamy, the personal guarantor.
The NCLT rejected the prayer of Sri Sivajothi Spinning Mills Pvt Limited in IA/167/2023 and IA/1240/2023 for the return of forfeited EMD with interest.
The NCLT partially allowed the prayer of ex-liquidator Mr. S. Muthuraju in IA/1421/2023, ordering payment of ₹20 lakhs towards remuneration and expenses.
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Corporate Debtor…
Operational creditor TCP Limited submitted…
Four appeals were filed challenging a common order passed by the National Company Law Tribunal (NCLT) in various interlocutory applications (IAs). The NCLT order allowed the liquidator to ratify an One-Time Settlement (OTS) transaction between Tamil Nadu Mercantile Bank (TMB) and Mr. S.V. Ramasamy, the personal guarantor, for the sale of assets of the Corporate Debtor (CD), M/s. Swastik Spinners (India) Private Limited. It rejected the prayer of Sri Sivajothi Spinning Mills Pvt Limited for the return of forfeited Earnest Money Deposit (EMD) and partially allowed the ex-liquidator Mr. S. Muthuraju's remuneration. Crucially, it directed TMB to remit the forfeited EMD amount back to the liquidator for distribution as per Section 53 of the I&B Code. The CD had entered
…Four appeals were filed challenging a common order passed by the NCLT in IA Nos. 1838/2023, 167/2023, 1240/2023, 1421/2023, and 1735/2024 in IBA/288/2018.
The NCLT allowed the liquidator's prayer in IA/1838/2023 to ratify the OTS transaction dated 17.07.2021 between Tamil Nadu Mercantile Bank (TMB) and Mr. S.V. Ramasamy.
The NCLT permitted the liquidator to sell the assets of the Corporate Debtor (CD) to Mr. S.V. Ramasamy, the personal guarantor.
The NCLT rejected the prayer of Sri Sivajothi Spinning Mills Pvt Limited in IA/167/2023 and IA/1240/2023 for the return of forfeited EMD with interest.
The NCLT partially allowed the prayer of ex-liquidator Mr. S. Muthuraju in IA/1421/2023, ordering payment of ₹20 lakhs towards remuneration and expenses.
…Corporate Debtor…
Operational creditor TCP Limited submitted…