ORDER

08.01.2025

By these batch of appeals, a challenge has been made to the order dated 12.07.2021 passed by the Adjudicating Authority confirming the provisional attachment order dated 16.01.2020.

Brief facts of the case The Appeals have been filed by the four appellants out of which one is a financial institution namely, Standard Chartered Bank and other is IFCI Limited. The other appeals are by Shri Sanjay Singhal and Atmaram House Investment Pvt. Ltd.. The matters largely pertain to affairs of M/s Bhushan Power & Steel Limited (hereinafter for short “M/s BPSL”) and other entities apart from the individuals. The appellant, Mr. Sanjay Singhal was Director of M/s BPSL along with the others. The credit facility from 33 different Banks / Financial Institutions was availed by the Company between 2007 to till 2014. The outstanding amount as on 30.01.2018 was found to be Rs.47,204 crores. M/s BPSL availed the loan facility under the leadership of Punjab National Bank for different purposes and thereupon defaulted in making repayment of loan to the banks /financial institutions. The lead – Punjab National Bank declared the account of M/s BPSL as Non-Performing Assets (NPA)