LAWS(MAD)-2019-2-273

SRIPATHMANATHAN SRIHARAN EX-MANAGING Vs. SARANG S KALE

Decided On February 15, 2019
Sripathmanathan Sriharan Ex-Managing Appellant
V/S
Sarang S Kale Respondents

JUDGEMENT

(1.) Instant Civil Revision Petition has been filed, to set aside the order, dated 17/9/2018, passed by the National Company Law Tribunal, Chennai, in M.A.No.264/IB/2018, in TCP/198/IB/CB/2017, along with an application, to grant leave to the petitioner, to prefer the instant Civil Revision Petition.

(2.) Petitioner is the Ex-Managing Director of Malabar Hotels Private Limited. A petition was filed by the respondents 2 and 3, who are the financial creditors of Malabar Hotels Private Limited, holding 73.94 and 26.06% voting rights, respectively, in the committee of creditors. On the application filed, under the Insolvency and Bankruptcy Code, 2016, Mr.Nagarajan, the fourth respondent, was appointed as the insolvency Resolution Professional, for Malabar Hotels Private Limited. According to the petitioner, there was a severe financial crunch, in the Company, due to which, the Company had to take loans. An Insolvency Resolution Professional was appointed by the National Company Law Tribunal for Malabar Hotels (P) Ltd. By the impugned order, National Company Law Tribunal has approved the Resolution Plan submitted by Mr.Nagarajan, Insolvency Resolution Professional for Malabar Hotels Private Limited, fourth respondent. This Resolution Plan is under challenge, in the instant Civil Revision Petition, under Article 227 of the Constitution of India.

(3.) Section 61 of the Insolvency and Bankruptcy Code, 2016, provides for an appeal, against the order passed by the National Company Law Tribunal (adjudicating authority), to the National Company Law Appellate Tribunal. Section 61 of the Insolvency and Bankruptcy Code, 2016, reads as under:- Appeals and Appellate Authority:-