# Puissant Global Pvt. Ltd. & Ors. vs. Bank of India & Ors.

> NCLAT judgment dated 2026-10-07. Citation: TCN-2026-NCLAT-00301. A batch of Company Appeals is before the NCLAT. Comp App (AT) (CH) (Ins) No. 440/2026 and…

- **Court:** NCLAT
- **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-zbge5

## 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 preferred by an assignee of IDBI's debt, holding a 3.81% voting share in the Committee of Creditors (CoC), also contesting the liquidation order.

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## Facts

This batch of company appeals addresses several interconnected disputes arising from the insolvency resolution process of a corporate debtor, Splendid Metal Products Ltd (now known as Thalaivar Steels Ltd). The primary challenge is against an order issued by the Adjudicating Authority, which directed the liquidation of the corporate debtor. This liquidation order is contested by the Successful Resolution Applicant (SRA) in Company Appeal (AT) (CH) (Ins) No. 440/2026.

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## Issues and analysis

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

**Ratio:** The court held that when a significant majority of lenders resolve for the reinstatement

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**Reasoning:** The NCLAT observed that the Successful Resolution Applicant (SRA) and an assignee of

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**Interpretation:** The court interpreted the proviso to Section 33(4) of the IBC to mean that the

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**Application:** Applying this interpretation, the NCLAT directed that the liquidation order

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## Parties

- **Judges:** N. Sesha…; Jatindranat…
- **Appellants:** Puissant Global…; Successful…; +3 more
- **Respondents:** Liquidator of…; Invent Assets…; +4 more
- **Other parties:** Bank of India…
- **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 resolved for the reinstatement…

## 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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