# In the matter of Dr. Periasamy Palani Gounder Vs. Radhakrishnan Dharmarajan & Ors. Company Appeal (AT) (CH) (INS) No. 164 of 2021

> NCLT judgment dated 2021-07-30. Citation: TCN-2021-NCLT-01535. The case involves an appeal against an order dated 15.07.2021 passed by the National Company…

- **Court:** NCLT
- **Order date:** 30 Jul 2021
- **Citation:** TCN-2021-NCLT-01535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dr-periasamy-palani-gounder-vs-radhakrishnan-dharmarajan-ors-company-appeal-e325f2fe

## Summary

### Background

The case involves an appeal against an order dated 15.07.2021 passed by the National Company Law Tribunal (NCLT), Division Bench-I, Chennai, in MA/13/CHE/2021 in IBA/1459/2019. The appellant, Dr. Periasamy Palani Gounder, challenges the NCLT's decision to dismiss an application related to the insolvency resolution process of Appu Hotels Limited. The appellant argues that the resolution process is flawed due to statutory violations and that the Adjudicating Authority failed to adequately address the grievances of unsecured financial creditors.

## Facts

Dr. Periasamy Palani Gounder, the appellant, is challenging an order passed by the NCLT Chennai regarding the insolvency resolution process of Appu Hotels Limited. The appellant claims that the resolution process is vitiated by statutory violations, including improper valuation of assets and exclusion of financial creditors from the CoC. The appellant argues that the Adjudicating Authority failed to interfere with attempts to acquire the Corporate Debtor's assets for less than 25% of their actual value. The appellant also alleges that the Resolution Professional and Interim Resolution Professional facilitated a process that undervalued the assets of Appu Hotels, benefiting the 2nd Respondent, Mr. M.K. Rajagopalan. The appellant has expressed willingness to pay all

…

## Issues and analysis

### Issue 1: Whether an ‘Appeal' can be filed under Section 61(1) of the I & B Code and under Section 61(3) …

**Ratio:** Section 61(1) and 61(3) of the I&B Code provide grounds for filing an appeal when

…

**Reasoning:** The Learned Counsel for the Appellant refers to the Judgment of this ‘Tribunal' in

…

**Interpretation:** This section allows appeals based on contraventions of the law, with different

…

**Application:** The appellant is arguing that the resolution plan and the adjudicating

…

## Parties

- **Judges:** Venugop…; V. P. S…
- **Appellants:** Periasamy Palani…
- **Respondents:** Appu Hotels…; Radhakrishnan…
- **Advocates:** P.H. Arvindh…; Rajiv R…; +6 more

## Timeline

- **2019-01-01 — IBA/1459…**: Mention of IBA/1459/2019 in the…
- **2020-05-05 — CIRP Commen…**: Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/dr-periasamy-palani-gounder-vs-radhakrishnan-dharmarajan-ors-company-appeal-e325f2fe