# In the matter of Padmanabhan Venkatesh Vs. Shri V.Venkatachalam & Ors. CA(AT)(Ins) No.128 of 2019 & I.A No. 675,247,220  of 2019

> NCLAT judgment dated 2019-04-08. Citation: TCN-2019-NCLAT-00692. The case involves appeals against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 8 Apr 2019
- **Citation:** TCN-2019-NCLAT-00692
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/padmanabhan-venkatesh-vs-shri-vvenkatachalam-ors-ca-142e3b23

## Summary

### Background

The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal) approving a resolution plan submitted by Maharashtra Seamless Ltd. for United Seamless Tubulaar Private Limited. Padmanabhan Venkatesh (Promoter) and Indian Bank (Financial Creditor) filed appeals against the approval. Another appeal was filed by Maharashtra Seamless Ltd. against the Adjudicating Authority's refusal to direct the Superintendent of Police and Collector to take over the charge of the Corporate Debtor. The Corporate Insolvency Resolution Process was initiated against United Seamless Tubulaar Private Limited.

## Facts

The 'Corporate Insolvency Resolution Process' was initiated against ‘M/s. United Seamless Tubulaar Private Limited'- (‘Corporate Debtor'). Two appeals were preferred, one by ‘Mr. Padmanabhan Venkatesh’-(Promoter) and another by ‘Indian Bank’- (‘Financial Creditor') against the order dated 21st January, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad. By the impugned order, the 'Resolution Plan' submitted by the Respondent- ‘M/s. Maharashtra Seamless Ltd.'- ('Resolution Applicant') has been approved. The 'Resolution Plan'submitted by ‘M/s. Maharashtra Seamless Ltd.'-('Resolution Applicant') was approved by the 'Committee of Creditors' on 20th April, 2018 in its 8th Meeting with majority by 87.10% of voting shares.

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## Issues and analysis

### Issue 1: Whether the resolution plan adequately maximizes the value of the Corporate Debtor's assets and …

**Ratio:** The resolution plan must ensure maximization of the value of assets of the Corporate

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**Reasoning:** The Appellate Tribunal found that the resolution plan, as approved by the Adjudicating

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**Interpretation:** Section 30(2)(b) of the I&B Code, read with Regulation 38, mandates that a

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**Application:** In this case, the upfront payment suggested by the Resolution Applicant was

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…
- **Appellants:** PADMANABHAN…
- **Respondents:** United Seamless…; V. Venkata…

## Timeline

- **2018-04-20 — Resolution Plan Approval by Committee of…**: The 'Resolution Plan' submitted by ‘M/s. Maharashtra Seamless Ltd.' was approved by the…
- **2018-10-16 — Liquidation Value…**: The liquidation value submitted by the ‘Resolution Professional' and accepted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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