# SBC Minerals Pvt Ltd vs. Mr. Bhuvan Madan (Resolution Professional for Jaiprakash Associates Limited)

> NCLT judgment dated 17 Mar 2026. Citation: TCN-2026-NCLT-00360. SBC Minerals Pvt Ltd (Applicant), an Operational Creditor of Jaiprakash Associates Limited…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sbc-minerals-pvt-ltd-vs-mr-bhuvan-madan-y0l4a

## Summary

### Background

SBC Minerals Pvt Ltd (Applicant), an Operational Creditor of Jaiprakash Associates Limited (Corporate Debtor), filed an application (IA No.113/2026) against Mr. Bhuvan Madan (Resolution Professional for Jaiprakash Associates Limited). The Applicant sought intervention in the resolution plan approval application (IA No 11/2025) and requested disclosure of the Resolution Plan and the liquidation value of the Corporate Debtor. SBC Minerals' admitted claim of Rs 17.68 crores was listed in the creditors list, but its requests for information about CoC meetings and the resolution plan were declined.

## Facts

SBC Minerals Pvt Ltd (Applicant) is an Operational Creditor of Jaiprakash Associates Limited (Corporate Debtor).

The Applicant supplied coal on credit to the Corporate Debtor's thermal power plants.

The Applicant's claim of Rs 17.68 crores against the Corporate Debtor has been admitted by the Resolution Professional and is listed at serial no. 2521 in the list of Creditors dated 14.01.2026.

The Applicant did not receive information about the meetings of the Committee of Creditors (CoC) or the treatment of its admitted claim.

On 05.11.2025, the Applicant emailed the Respondent (Resolution Professional) requesting a copy of the submitted Resolution Plan, which was declined on 27.11.2025.

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## Issues and analysis

### Issue 1: Whether an Operational Creditor has the right to intervene in the application for resolution plan …

**Ratio:** Only "participants" in the meetings of the Committee of Creditors (CoC) are

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**Reasoning:** The NCLAT in *Association of Aggrieved Workmen of Airways (India) Limited v. Jet Airways

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**Interpretation:** Section 24 of the IBC and Regulation 21 of the CIRP Regulations are interpreted

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**Application:** SBC Minerals Pvt Ltd, as an Operational Creditor, is not a member or

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** SBC Minerals Pvt…
- **Respondents:** Jaiprakash…; BHUVAN MADAN…
- **Other parties:** Insolvency and…; Resolutio…; +6 more
- **Advocates:** Krishna De…; Sumit Ag…; +10 more

## Timeline

- **2025-11-05 — Request for Resolution…**: The Applicant (SBC Minerals Pvt Ltd) addressed an email to the Respondent seeking a copy…
- **2025-11-27 — Request for Resolution…**: The Respondent declined the Applicant's…

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