The case involves multiple appeals (Company Appeal (AT) (Ins) No. 306 of 2019, 307 of 2019, 315 of 2019 and 554 of 2019) filed under Section 32 and 61(3) of the Insolvency & Bankruptcy Code, 2016, challenging the order passed by the National Company Law Tribunal (NCLT), Chennai Bench, which approved a Resolution Plan for Merchem Limited. The appeals raise concerns about the fairness and legality of the Resolution Plan, including issues related to statutory dues, retrenchment of employees, sale of assets, and the treatment of operational creditors and related parties.
Merchem Limited underwent Corporate Insolvency Resolution Process (CIRP). The NCLT Chennai Bench approved a Resolution Plan. Several appeals were filed against this approval. Pradeep M.R., an employee of Merchem Limited, filed an appeal (No. 306 of 2019) arguing the plan was a sale of assets disguised as a resolution and lacked provisions for employee dues and fair retrenchment. Ravindra Beleyur was the Resolution Professional. State Bank of India was a creditor. Acme Chem Limited was the Resolution Applicant. P.E. Thomas, Grove Limited and Sugathan Lakshmanan also filed appeals (No. 307 of 2019, 315 of 2019 and 554 of 2019 respectively). P.E. Thomas was the owner of the factory and entered into a license agreement with Merchem Limited. Sugathan Lakshmanan was an
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Proceedings before the…
Corporate Insolvency…
The case involves multiple appeals (Company Appeal (AT) (Ins) No. 306 of 2019, 307 of 2019, 315 of 2019 and 554 of 2019) filed under Section 32 and 61(3) of the Insolvency & Bankruptcy Code, 2016, challenging the order passed by the National Company Law Tribunal (NCLT), Chennai Bench, which approved a Resolution Plan for Merchem Limited. The appeals raise concerns about the fairness and legality of the Resolution Plan, including issues related to statutory dues, retrenchment of employees, sale of assets, and the treatment of operational creditors and related parties.
Merchem Limited underwent Corporate Insolvency Resolution Process (CIRP). The NCLT Chennai Bench approved a Resolution Plan. Several appeals were filed against this approval. Pradeep M.R., an employee of Merchem Limited, filed an appeal (No. 306 of 2019) arguing the plan was a sale of assets disguised as a resolution and lacked provisions for employee dues and fair retrenchment. Ravindra Beleyur was the Resolution Professional. State Bank of India was a creditor. Acme Chem Limited was the Resolution Applicant. P.E. Thomas, Grove Limited and Sugathan Lakshmanan also filed appeals (No. 307 of 2019, 315 of 2019 and 554 of 2019 respectively). P.E. Thomas was the owner of the factory and entered into a license agreement with Merchem Limited. Sugathan Lakshmanan was an
…Proceedings before the…
Corporate Insolvency…