# In the matter of Maharashtra Seamless Ltd. Vs. K. K. Lakshminarayana & Ors. CA (AT) No. 637-2018

> NCLAT judgment dated 2018-11-12. Citation: TCN-2018-NCLAT-00064. The appeal was filed by Maharashtra Seamless Ltd. against the order of the National Company…

- **Court:** NCLAT
- **Order date:** 12 Nov 2018
- **Citation:** TCN-2018-NCLAT-00064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/maharashtra-seamless-ltd-vs-k-k-lakshminarayana-ors-ca-45841a1f

## Summary

### Background

The appeal was filed by Maharashtra Seamless Ltd. against the order of the National Company Law Tribunal (NCLT), Hyderabad Bench, which directed the re-determination of the liquidation value before considering the resolution plan filed by MSL. The NCLAT addressed the issue of excluding certain periods from the total CIRP period of 270 days and directed the CoC to reconsider the resolution plan of MSL after re-determination of the liquidation value. The NCLAT also addressed the issue of the suspended board's participation in CoC meetings.

## Facts

Maharashtra Seamless Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), Hyderabad Bench. The NCLT had directed the re-determination of the liquidation value before considering the resolution plan filed by MSL. The NCLAT considered the issue of excluding certain periods from the total CIRP period of 270 days, referring to its earlier decision in Company Appeal (AT) (Insolvency) No. 185 of 2018. The NCLAT also addressed the issue of the suspended board's participation in the 7th and 8th CoC meetings. The 'Resolution Professional' was ordered to convene the meeting of the 'Committee of Creditors' to comply with the directions. During the pendency of the appeal, the Committee of Creditors approved the resolution plan of Maharashtra Seamless

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in directing the re-determination of the liquidation …

**Ratio:** The Adjudicating Authority has the power to direct the re-determination of the

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**Reasoning:** The NCLAT noted that the Adjudicating Authority has the power to direct the

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**Interpretation:** The Adjudicating Authority's power to direct re-determination of liquidation

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**Application:** In this case, the NCLAT noted that the CoC had already approved the resolution

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Maharashtra…
- **Respondents:** K. K. Lakshminaray…
- **Advocates:** Abhinav V…; Venancio D’…; +10 more

## Timeline

- **2018-09-28 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad…
- **2018-11-12 — Appeal Pre…**: Maharashtra Seamless Ltd. preferred an appeal against the order dated 28th September,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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