# In the matter of A. Manickam Vs. G. V. Ravikumar, R.P. & Anr. CA (AT) No. 619-2018

> NCLAT judgment dated 2018-10-05. Citation: TCN-2018-NCLAT-00088. The appellant, a shareholder of the corporate debtor, filed an application under Section…

- **Court:** NCLAT
- **Order date:** 5 Oct 2018
- **Citation:** TCN-2018-NCLAT-00088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/a-manickam-vs-g-v-ravikumar-rp-anr-ca-ceabeb1c

## Summary

### Background

The appellant, a shareholder of the corporate debtor, filed an application under Section 60(5) of the I&B Code seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest. The appellant aimed to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant contended that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders.

## Facts

The appellant, A. Manickam, is a shareholder of the Corporate Debtor. The appellant filed an application under Section 60(5) of the I&B Code, seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest, aiming to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant argued that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders. The appellant did not challenge the resolution plan already approved by the Adjudicating Authority under Section 31 of the I&B Code. The court found that if the shareholders had objections regarding the amount

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## Issues and analysis

### Issue 1: Whether the Appellant is entitled to stall the resolution process by seeking a direction to the …

**Ratio:** An appeal being devoid of any

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**Reasoning:** The court found that the appellant had not challenged the resolution plan already

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**Interpretation:** The court interpreted that the appellant's attempt to stall the resolution

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**Application:** The court applied the ratio by dismissing the appeal, indicating that the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** A. Mani…
- **Respondents:** G. V. Ravikumar,…

## Timeline

- **2018-10-05 — Application…**: The Appellant, a shareholder of the Corporate Debtor, filed an application under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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