# In the matter of Ajay Kumar Bhuwalka vs. Bhuwalka Steel Industries Ltd.

> NCLAT judgment dated 2025-12-16. Citation: TCN-2025-NCLAT-00605. The Appellants, claiming to be nominal directors of Bhuwalka Steel Industries Ltd., filed a…

- **Court:** NCLAT
- **Order date:** 16 Dec 2025
- **Citation:** TCN-2025-NCLAT-00605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/ajay-kumar-bhuwalka-vs-bhuwalka-steel-industries-ltd-d1039902

## Summary

### Background

The Appellants, claiming to be nominal directors of Bhuwalka Steel Industries Ltd., filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018. The grievance pertains to directions sought against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the Insolvency and Bankruptcy Code (IBC), and imposition of a fine under Section 69.

## Facts

The Appellants claim to be nominal directors of the Corporate Debtor, M/s. Bhuwalka Steel Industries Ltd.

The Appellants filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018.

The Resolution Professional filed IA No.122/2022 seeking directions against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the IBC, and imposition of a fine under Section 69.

The Appellants contended that IA No.122/2022 was barred by limitation.

The Respondent/Applicant argued that the timelines under Regulation 35A are directory and that the delay was protected by the Apex Court's orders and impliedly granted extensions.

…

## Issues and analysis

### Issue 1: Whether IA No.122/2022 …

**Ratio:** The application is not

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**Reasoning:** The Tribunal considered the liberty granted by the Tribunal in its order dated 10.03.2021

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**Interpretation:** The Tribunal interpreted the relevant provisions of the IBC and the orders of

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**Application:** The Tribunal applied the principles of condonation of delay and the extended

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Ajay Kumar…; Ankit Kumar…
- **Respondents:** M/s. Bhuwalka…
- **Other parties:** Shivadutt B…; M/s. Indu…; +1 more
- **Advocates:** S.S. Nag…; Madhuvanti…; +1 more

## Timeline

- **2025-07-09 — Impugned…**: Order passed in IA…
- **2022-03-18 — Filing of IA No…**: IA No.122/2022 was filed on 18.03.2022 under Sections 43, 44, 66 and 69 read with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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