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SUPREME COURT
*Bela M. Trivedi, Satish Chandra Sharma, JJ.
Kalyani Transco – Appellant
Versus
M/s. Bhushan Power and Steel Limited – Respondent
Headnote: Read headnote
1. This batch of Appeals stems from the common impugned Judgment and Order dated 17/02/2020 passed by the National Company Law Appellate Tribunal (For short NCLAT), New Delhi in the Company Appeals filed by the various parties.
(I) THE DETAILS AND CATEGORIES OF THE APPEALS: -
(i) Civil Appeal No. 1808 of 2020 has been filed by the Kalyani Transco, an operational creditor of the Corporate Debtor (For short CD) M/s. Bhushan Power and Steel Limited (For short BPSL) challenging the impugned Judgment and Order dated 17/02/2020 passed by the NCLAT in Company Appeal (AT) (Insolvency) No. 1035 of 2019.
(ii) Civil Appeal Nos. 2192-2193 of 2020 have been filed by Mr. Sanjay Singal & Another, the erstwhile promoters of CD challenging the impugned Judgment and Order in Company Appeal (AT) (Insolvency) No. 1034 of 2019 and the Company Appeal (AT) (Insolvency) No. 957 of 2019.
(iii) Civil Appeal No. 3784 of 2020 has been filed by the Government of Odisha & Others challenging the impugned Judgment and Order in Company Appeal (AT) (Insolvency) No. 1461 of 2019.
(iv) Civil Appeal No. 2225 of 2020 has been
The court affirmed that a resolution plan, once approved by the Committee of Creditors under the IBC, is binding and must comply with statutory provisions for effective business revival.
Resolution plans approved by creditors must comply with legal requirements under the Code to ensure valid debt management and corporate recovery.
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