1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

3. Paragraph 1 of the judgment of the court of first instance is applicable.

1. The reasons for this court’s acceptance of the judgment of the first instance are as follows, with the exception of adding “the following 2. additional determination” to the argument that the defendant emphasizes or adds from the 6th line of the judgment of the first instance to the 11th line of the judgment. Thus, it is acceptable to accept it as it is in accordance with the main sentence of Article 420 of the Civil Procedure Act.

“B) The joint security value of the instant equity interest: 207,262,108 won (the value of the instant equity interest - KRW 1.725 million - KRW 1,515,737,892), barring special circumstances, revocation of and compensation for a fraudulent act shall be limited to KRW 136,004,160, whichever is the lesser of the Plaintiff’s secured claim amount or the joint security value of the instant equity interest, within the limits of KRW 136,000,160, whichever is the lesser of the joint security value of the instant equity interest (D.) However, each obligee meeting the requirements for revocation of and may seek restitution of the obligor’s property disposal as its own right and at the same time or at different time. In addition, in light of the legal principles as seen above, where one obligee files a lawsuit for revocation of and restitution to the original state, such lawsuit does not constitute a double lawsuit, and the judgment becomes final and conclusive after winning a lawsuit for revocation of the said fraudulent act, the obligee’s right protection of 15.