# In the matter of Kalyan Transco vs. Bhushan Power and Steel Limited and Others.

> SC judgment dated 2025-09-26. Citation: TCN-2025-SC-00090. A batch of six appeals were filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 by…

- **Court:** SC
- **Order date:** 26 Sept 2025
- **Citation:** TCN-2025-SC-00090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/kalyan-transco-vs-bhushan-power-and-steel-limited-and-others-55a04412

## Summary

### Background

A batch of six appeals were filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 by erstwhile promoters and various Operational Creditors of the Corporate Debtor against the common final impugned judgment and order dated 17th February 2020 passed by the National Company Law Appellate Tribunal, New Delhi in relation to the Corporate Insolvency Resolution Proceedings of M/s Bhushan Power and Steel Limited.

## Facts

The Reserve Bank of India (RBI) identified 12 large scale corporate defaulters, including Bhushan Power and Steel Limited (BPSL), with outstanding debts valued at Rs. 5,000 crore and above.

Punjab National Bank filed Company Petition C.P. No. (IB)-202 (PB) of 2017 under Section 7 of the IBC before the NCLT, which was admitted vide order dated 26th July 2017 and the CIRP commenced.

The Interim Resolution Professional (IRP) invited claims from all the creditors and stakeholders.

JSW Steel Ltd. emerged as the highest evaluated plan based on the evaluation matrix formulated in accordance with the Code and the relevant regulations.

The CoC approved the CRP by the requisite majority and JSW Steel Ltd. was declared as the SRA.

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## Issues and analysis

### Issue 1: Whether the erstwhile promoters have …

**Ratio:** The Resolution Plan also affects

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**Reasoning:** The erstwhile promoters, being personal guarantors, fall within the ambit of “persons

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**Interpretation:** The term “persons aggrieved” must be given a broad and purposive interpretation

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**Application:** The appeals at the instance of the

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## Parties

- **Judges:** B.R. G…
- **Appellants:** KALYANI T…; Sanjay Si…; +3 more
- **Respondents:** BPSL…; Bhushan Power &…; +3 more
- **Other parties:** Affir…; Jaldhi Overseas…; +2 more

## Timeline

- **2017-05-04 — Amendment to Banking…**: The Banking Regulation Act, 1949 was amended w.e.f. 4th May 2017 to empower the Reserve…
- **2017-06-13 — RBI Circ…**: The RBI, vide circular dated 13th June 2017, identified 12 large scale corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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