JUDGMENT

1. The present Letters Patent Appeals, being LPA No. 37 & 43 of 2021 have been filed by Tata Steel BSL Ltd. (hereafter, "TSBL") and the Union of India (hereafter, "UoI") (collectively, "Appellants") respectively, impugning the Judgment and Order dated 26.11.2022 ("Impugned Judgment") rendered in W.P.(C) No. 8705 of 2019: titled Venus Recruiters Pvt. Ltd. vs. Union of India & Ors., wherein the Ld. Single Judge inter-alia held that an application filed under Section 43 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for avoidance of preferential transactions cannot survive beyond the conclusion of corporate insolvency resolution process (hereafter, "CIRP"). Accordingly, the Appellants have sought before this Court that the Impugned Judgment be set aside.

2. The facts of the case leading up to the filing of the present LPAs are set out hereinbelow:

a. Upon default in repayment of its credit facilities, State Bank of India ("SBI") filed a petition, being C.P. No. (IB)-201(PB)/2017 under Section 7 of the IBC before the NCLT seeking initiation of CIRP of M/s Bhushan Steel Limited.

b. On 26.07.2017, the National Company Law Tribunal, New Delhi (hereafter, "NCLT") passed an or