Authority: National Company Law Tribunal, Division Bench, Court-II Chennai
Order Date: 09 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Chennai Bench, comprising Shri. Jyoti Kumar Tripathi (Member Judicial) and Shri. Ravichandran Ramasamy (Member Technical), heard multiple interlocutory applications (IAs) in the main insolvency petition C.P. (IB)/49(CHE)2019, filed by Indian Overseas Bank against INMA International Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
The hearing addressed four specific applications:
1. IA(IBC)/2342/2023: Filed by the Resolution Professional (RP), Dr. S R Shriraam Shekher, against G Sundaravadivelu under Section 66(1) & (2) of IBC, 2016.
2. IA(IBC)/440(CHE)2023: Filed by the RP against G Sundaravadivelu (Suspended Director) and another under Section 19(2) of IBC, 2016.
3. IA(I.B.C)/1630(CHE)2025: Filed by the RP against Rathinavelu (Suspended Director) under Section 66(1) & (2) of IBC, 2016.
4. IA(I.B.C)/639(CHE)2026: Filed by Africa India Economic Foundation and G Rathinavelu against the RP under Section 60(5) of IBC, 2016.
Counsel representation was as follows: Mr. S.R. Raghunathan appeared for the Resolution Professional. Mr. F. Raymond Albyness appeared for the respondents in multiple applications. Mr. Sanjay appeared for Respondent 2 in IA/1630/2025, and Mr. V. Bathri Narayan appeared for Respondent 3 in the same application.
Final Outcome
The tribunal issued distinct orders for each application:
- For IA/2342/2023 and IA/440/2023, the hearing was adjourned. Both applications were listed for a next hearing on 13 July 2026.
- For IA/1630/2025 and IA/639/2026, the arguments were heard and the matters were reserved for orders. The parties in these two applications were permitted to file written submissions, including case laws, within two weeks from the order date.
The main corporate insolvency resolution process for INMA International Ltd remains ongoing.
Topics: Corporate Insolvency, NCLT Proceedings, Resolution Professional