NCLAT upholds NCLT order permitting liquidator to transfer Swastik Spinners' assets to personal guarantor S.V. Ramasamy under ₹9.5 crore OTS with Tamilnad Mercantile Bank.
Tribunal directs distribution of forfeited ₹54.31 lakh EMD: ₹20 lakh to erstwhile liquidator, ₹4.5 lakh to current liquidator, balance to operational creditor TCP Limited.
Appeals by TMB and Ramasamy challenging the distribution order are dismissed, affirming the NCLT's application of Section 53 waterfall mechanism.
The judgment brings closure to six-year insolvency process that saw failed CIRP, multiple auction failures, and eventual private asset sale.