Orissa Alloy Steel Private Limited vs S M Steels and Power Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(Online)(NCLAT) 1467

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Orissa Alloy Steel Private Limited – Appellant
Versus
S M Steels and Power Limited – Respondent

For the Appellant:Mr. Abhijeet Sinha, Sr. Advocate, Mr. Vaibhav Gaggar, Mr. Diwakar Maheshwari, Mr. Shounak Mitra, Mr. Saikat Sarkar, Mr. Shreyas Edupuganti, Mr. Zulfiqar Ali, Mr. Saptarshi Mandal
For the Respondent:Mr. Dhruv Mehta, Mr. Krishnendu Datta, Sr. Advocates, Mr. Anand Varma, Mr. Kaustubh Prakash, Ms. Prachi Bhatia, Ms. Alina Merin Mathew, Advocates
Mr. Niranjan Reddy, Sr. Advocate, Mr. Ashim Sood, Mr. Abhishek Swaroop, Mr. Anupam Prakash, Ms. Bhawana Sharma, Ms. Kirti Talreja for Respondent No.1 (RP)
Mr. Shyam Mehta, Sr. Advocate with Mr. Udit Mendiratta, Mr. Shivkrit Rai, Ms. Apeksha Singh, Advocates for Respondent No.1 (SMSPL)

Table of Content
1. overview of company appeals and parties involved. (Para 1 , 2)
2. summary of events leading to the appeals. (Para 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10)
3. outlining the liquidator's actions and timeline of events. (Para 11 , 12 , 13)
4. details on the stakeholder consultation and allegations of collusion. (Para 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25)
5. analysis of the admissibility of smspl's interventions. (Para 26 , 27 , 28 , 29 , 30)
6. arguments of both parties regarding auction processes and timelines. (Para 31 , 32 , 33 , 34 , 35)
7. evaluation of process document disclosures and conditions. (Para 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43)
8. court's general observations on auction failure and accountability. (Para 44 , 45 , 46 , 47 , 48 , 49)
9. examination of the liquidator's compliance with required regulations. (Para 50 , 51 , 52 , 53)
10. discussion of collusion allegations and burden of proof. (Para 54 , 55 , 56 , 57 , 58)
11. final considerations on collusion impact actions. (Para 59 , 60 , 61 , 62 , 63 , 64)
12. conclusions about the appeal findings and rulings. (Para 65 , 66 , 67)
13. emphasis on the regulatory framework and its application by the co

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2025 Supreme(Online)(NCLAT) 1467

NATIONAL COMPANY LAW APPELLATE TRIBUNALBarun Mitra, Member (Technical)Orissa Alloy Steel Private Limited – AppellantVersusS M Steels and Power Limited – Respondent

Cases Referred (1)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Orissa Alloy Steel Private Limited – Appellant
Versus
S M Steels and Power Limited – Respondent