# In the matter of Punjab National Bank Vs. Bhushan Power and Steel Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00967. The case involves applications related to the insolvency resolution process of Bhushan Power…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00967
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/punjab-national-bank-vs-bhushan-power-and-steel-limited-4151590d

## Summary

### Background

The case involves applications related to the insolvency resolution process of Bhushan Power and Steel Limited. The Hon'ble Supreme Court passed an order on 02.05.2025 in the matter of 'Kalyani Transco v. M/s. Bhushan Power and Steel Ltd. & Ors., Civil Appeal No. 1808 of 2020', setting aside the resolution plan.

## Facts

Punjab National Bank filed a petition/application against Bhushan Power and Steel Limited.

The order was delivered on 14.05.2025.

The Supreme Court set aside the resolution plan in 'Kalyani Transco v. M/s. Bhushan Power and Steel Ltd. & Ors., Civil Appeal No. 1808 of 2020'.

The matter is listed for further hearing on 30.05.2025 along with CA-330/2018 & CA-538/2018.

## Issues and analysis

### Issue 1: Whether the applications should be considered on their …

**Ratio:** The applications will have to be

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

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**Interpretation:** The tribunal acknowledges the need to re-evaluate the applications based on the

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**Application:** The tribunal will consider the applications on merits after the counsels have

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** Punjab National…
- **Respondents:** Bhushan Power &…
- **Advocates:** Sangam Pa…; Abhishek…; +32 more

## Timeline

- **2025-05-02 — Supreme Cour…**: The Hon'ble Supreme Court passed an order in the matter of 'Kalyani Transco v. M/s.…
- **2025-05-14 — Order Del…**: Order delivered by the…

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