# In the matter of Bhushan Power and Steel Limited

> NCLT judgment dated 2025-05-13. Citation: TCN-2025-NCLT-00077. The case involves Punjab National Bank (PNB) as the petitioner against Bhushan Power and Steel…

- **Court:** NCLT
- **Order date:** 13 May 2025
- **Citation:** TCN-2025-NCLT-00077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhushan-power-and-steel-limited-c5061d91

## Summary

### Background

The case involves Punjab National Bank (PNB) as the petitioner against Bhushan Power and Steel Limited as the respondent under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The case is related to the implementation of a resolution plan and subsequent legal challenges, including appeals to the Supreme Court. The Supreme Court issued a judgment on 02.05.2025 in the matter of “Kalyani Transco v. M/s. Bhushan Power and Steel Ltd. & Ors.”, which has implications for the ongoing CIRP process. The CoC and other stakeholders are seeking clarifications and reviews in light of the Supreme Court's decision.

## Facts

Punjab National Bank initiated CIRP against Bhushan Power and Steel Limited under Section 7 of IBC, 2016. A resolution plan was approved, but subsequent legal challenges arose, leading to appeals before the Supreme Court. The Supreme Court issued a judgment on 02.05.2025 in the case of Kalyani Transco v. M/s. Bhushan Power and Steel Ltd. & Ors., which has significant implications for the implementation of the resolution plan. Payments have been made to stakeholders, and new parties have taken interest in the resolved company. However, issues have arisen that need to be addressed in light of the changed circumstances. The Committee of Creditors (CoC) requires more time to analyze the Supreme Court's decision and its impact. The Union of India has sought to be

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## Issues and analysis

### Issue 1: Whether the judgment dated 02.05.2025 passed by the Hon'ble Supreme Court in the lead case Kalyani …

**Ratio:** The Tribunal has the power to take on record judgments of higher courts that have a

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**Reasoning:** The Supreme Court's judgment in Kalyani Transco v. M/s. Bhushan Power and Steel Ltd.

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**Interpretation:** The interpretation involves understanding the scope and applicability of the

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**Application:** The Tribunal applied this principle by taking on record the Supreme Court's

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** Punjab National…
- **Respondents:** Bhushan Power &…

## Timeline

- **2025-05-02 — Supreme Court…**: The Hon'ble Supreme Court passed a judgment in the case of Kalyani Transco v. M/s.…
- **2025-05-13 — Tribunal H…**: The NCLT heard the matter and considered the implications of the Supreme Court's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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