# In the matter of Puissant Global Private Limited vs. Bank of India

> NCLAT judgment dated 2026-10-07. Citation: TCN-2026-NCLAT-00301. This batch of company appeals arises from an order of the Adjudicating Authority directing…

- **Court:** NCLAT · Chennai
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLAT-00301
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/puissant-global-private-limited-vs-bank-of-india-7d12aeed

## Summary

### Background

This batch of company appeals arises from an order of the Adjudicating Authority directing the liquidation of a corporate debtor. Specifically, Company Appeal (AT) (CH) (Ins) No. 440/2026 was filed by the Successful Resolution Applicant (SRA) to challenge this liquidation order. Concurrently, Company Appeal (AT) (CH) (Ins) No. 547/2026 was filed by an assignee of IDBI's debt, holding a 3.81% voting share in the Committee of Creditors (CoC), also challenging the same liquidation order. These appeals indicate a dispute over the Adjudicating Authority's decision to liquidate the corporate debtor, with both the SRA and a financial creditor seeking to overturn it.

## Facts

This batch of company appeals involves several parties, including Puissant Global Pvt. Ltd. (SRA of Thalaivar Steels Ltd.), Liquidator of Handum Industries Ltd., Bank of India (representing the Erstwhile CoC of Splendid Metal Products Ltd, now known as Thalaivar Steels Ltd), Invent Assets Securitisation and Reconstruction Pvt Ltd, and Raj Radhe Finance Ltd. The appeals primarily challenge an order of the Adjudicating Authority directing the liquidation of the corporate debtor, Splendid Metal Products Ltd (Thalaivar Steels Ltd).

## Issues and analysis

### Issue 1: Whether the order of liquidation passed by the…

**Ratio:** The NCLAT held that if the Committee of Creditors (CoC) resolves to reinstate the

…

**Reasoning:** The NCLAT noted that the SRA and an assignee of IDBI's debt challenged the liquidation

…

**Interpretation:** The court interpreted the resolution for reinstatement of CIRP under Section

…

**Application:** Given the resolution by the Joint Lenders Meeting to reinstate CIRP, the NCLAT

…

## Parties

- **Judges:** N. Sesha…; Jatindranat…
- **Appellants:** Puissant Global…; SRA of Thalaivar…; +3 more
- **Respondents:** Liquidator of…; Bank of India & 2…; +4 more
- **Advocates:** For Appel…; Arjun S…; +14 more

## Timeline

- **21 August 2026 — Liquidation…**: Adjudicating Authority passed an order directing the liquidation of the corporate debtor…
- **8 September 2026 — Joint Lenders…**: A Joint Lenders Meeting was held where 8 out of 11 lenders participated and resolved for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 74 — Omitted](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-74)

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