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NATIONAL COMPANY LAW TRIBUNAL
Vinay Goel, Judicial Member, Ravichandran Ramasamy, Technical Member
Meenachil East Urban Co-operative Bank Limited – Appellant
Versus
Mahalingam Suresh Kumar – Respondent
| Table of Content |
|---|
| 1. procedural background and factual allegations regarding liquidation distribution. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. parties' contentions on statutory compliance in waterfall mechanism distribution. (Para 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15) |
| 3. distribution must follow security value, not pro-rata debt. (Para 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 4. unsubstantiated allegations of misconduct cannot justify disciplinary intervention. (Para 24 , 25) |
| 5. estoppel precludes challenging valuation once an active participant. (Para 26 , 27 , 28 , 29 , 30 , 31) |
O R D E R
Per Coram
1. The present Application has been filed by Meenachil East Urban Co-operative Bank Limited, one of the secured financial creditors of Raihan Healthcare Private Limited (the Corporate Debtor), against the Liquidator of Raihan Healthcare Private Limited, Union Bank of India, another secured financial creditor of the Corporate Debtor, and the Insolvency and Bankruptcy Board of India, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking the following reliefs:
i. May be pleased to call for the entire records pertaini
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