Kalyani Transco vs Bhushan Power And Steel Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(SC) 1745

B. R. GAVAI, SATISH CHANDRA SHARMA, K. VINOD CHANDRAN
Kalyani Transco – Appellant
Versus
Bhushan Power And Steel Limited – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Dhruv Mehta, Sr. Adv. Mr. Sandeep Bajaj, Adv. Mr. Soayib Qureshi, Adv. Mr. Anubhav Ray, Adv. Ms. Chetna Alagh, Adv. Ms. Anchal Kushwaha, Adv. Mr. Mayank Biyani, Adv. Ms. Ranjeeta Rohatgi, AOR Mr. Nikhil Sabri, Adv. Mr. Aman Qayoom Wani, Adv. Ms. Shrika Gautam, Adv. Mr. Arjun Asthana,Adv. Mr. Sidhartha Sharma,Adv. Ms. Shubhangi Gupta,Adv. Mr. Nachiket Chawla,Adv. Ms. Prachi Sharma,Adv. Mr. Arup Banerjee, AOR Mr. Diwakar Maheshwari,Adv. Ms. Pratiksha Mishra,Adv. Mr. Mayank Kshirsagar, AOR Mr. Sandeep Bajaj, Adv. Mr. Mayank Biyani, Adv. M/S. Law Associates, AOR Mr. Manu Beri, Adv. Mr. Varun Varma, Adv. Ms. Kudrat Mann, Adv. Mr. Upmanyu Tewari, AOR
For the Respondent(s): Mr. Tushar Mehta, Solicitor General Mr. L. Vishwanathan, Adv. Mr. Raunak Dhillon, Adv. Mr. Uday Khare, Adv. Ms. Aishwarya Gupta, Adv. Ms. Isha Malik, Adv. Mr. Nihaad Dewan, Adv. Mr. Anchit Jasuja, Adv. Ms. Bhawna Lakhina, Adv. Mr. Bhuvan Kapur, Adv. Mr. Aman Mehta, Adv. For M/s. Cyril Amarchand Mangaldas Mr. Neeraj Kishan Kaul, Sr. Adv. Mr. Gopal Jain, Sr. Adv. Ms. Nandini Gore, Adv. Mr. Rajendra Barot, Adv. Ms. Tahira Karanjawala, Adv. Mr. Vivek Shetty, Adv. Mr. Suharsh Sinha, Adv. Ms. Swati Bhardwaj, Adv. Mr. Akarsh Sharma, Adv. Ms. Manvi Rastogi, Adv. Mr. Pranav Garg, Adv. Ms. Sherna Doongaji, Adv. Mr. Akilesh Menezes, Adv. Mr. Harsh Sethi, Adv. Ms. Isha Patil, Adv. Mr. Deepak Joshi, Adv. Ms. Dhanya S. Krishnan, Adv. Mr. Varun Tyagi, Adv. For M/s. Karanjawala & Co. Mr. Tushar Mehta, Solicitor General Mr. K.M. Nataraj, A.S.G. Mr. Sudarshan Lamba, AOR Ms. Kanu Agrawal, Adv. Mr. Mohd. Akhil, Adv. Mr. Saurav Roy, Adv. Mr. Vinayak Sharma, Adv. Mr. Pratyush Shrivastava, Adv. Mr. S. S. Shroff, AOR Ms. Misha, Adv. Mr. Vaijayant Paliwal, Adv. Ms. Charu Bansal, Adv. Ms. Kirti Gupta, Adv. Mr. Soayib Qureshi, AOR Mr. Soumya Dutta, AOR Mr. Mukesh Kumar Maroria, AOR Dr. Vinod Kumar Tewari, AOR

Table of Content
1. various appeals under ibc against nclat judgment. (Para 1)
2. facts about the corporate debtor's cirp. (Para 2)
3. legal arguments about locus standi of promoters. (Para 3 , 4 , 5)
4. arguments on validity of resolution plan. (Para 6 , 7 , 8 , 9)
5. claims related to the implementation and payment terms. (Para 10 , 11 , 12 , 13)
6. issues surrounding ebitda distribution. (Para 14 , 15 , 16 , 17)
7. court's procedural observations on the appeals. (Para 52 , 53 , 57 , 58)
8. final conclusion on the merit of appeals. (Para 185 , 186 , 190 , 191)

JUDGMENT :

B.R. GAVAI, CJI

	INDEX
I.	INTRODUCTION
II.	FACTS
III.	SUBMISSIONS
i.	Appellants in Civil Appeal Nos. 2192 – 2193 of 2020 (erstwhile promoters)
ii.	Appellants in Civil Appeal No. 2225 of 2020 (Jaldhi Overseas Pte. Limited)
iii.	Appellants in Civil Appeal No. 3020 of 2020 (M/s. Medi Carrier Private Limited) and Civil Appeal No. 6390 of 2021 (CJ Darcl Logistics Limited)
iv.	Resolved Entity – BPSL
v.	Resolution Professional
vi.	Committee of Creditors
vii.	Successful Resolution Applicant – JSW
viii.	Submissions in Rejoinder
iv.	ANALYSIS
a.	Lo

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2025 Supreme(SC) 1745

B. R. GAVAI, SATISH CHANDRA SHARMA, K. VINOD CHANDRANKalyani Transco – AppellantVersusBhushan Power And Steel Limited – Respondent

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B. R. GAVAI, SATISH CHANDRA SHARMA, K. VINOD CHANDRAN
Kalyani Transco – Appellant
Versus
Bhushan Power And Steel Limited – Respondent