M/S Tata Steel Ltd. (Appellant-Successful Resolution Applicant or 'Appellant-SRA') filed Civil Appeals challenging orders from the High Court of Bombay, Nagpur Bench, dated March 28, 2019, and July 9, 2019. These orders had dismissed the Appellant-SRA's Writ Petition and Review Application, and crucially, permitted a recovery suit (Civil Suit No. 153 of 2011) filed by Respondent No.1-Varsha, an Operational Creditor, to proceed despite the approval of the Resolution Plan. Additionally, Masyc Projects Private Limited ('Intervenor-Masyc'), another Operational Creditor, had initiated six separate arbitral references against the Corporate Debtor, Bhushan Steel Limited (BSL). Both Varsha and Masyc had submitted claims as Operational Creditors during the Corporate Insolvency
…M/S Tata Steel Ltd. (Appellant-SRA) filed Civil Appeals challenging High Court orders dated March 28, 2019, and July 9, 2019.
The High Court orders dismissed the Appellant-SRA's Writ Petition and Review Application and permitted a recovery suit (Civil Suit No. 153 of 2011) by Operational Creditor Varsha to proceed despite the Resolution Plan's approval.
On August 27, 2021, the Supreme Court permitted Masyc Projects Private Limited (Intervenor-Masyc), another Operational Creditor, to make submissions on whether OCs can enforce claims by civil suit/arbitration after Resolution Plan approval.
Prior to the CIRP against Bhushan Steel Limited (BSL), Varsha initiated Civil Suit No. 153 of 2011 for recovery of ₹38,89,674.14 plus 18% interest against BSL.
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Respondent No.1-Varsha instituted a summary…
The Resolution Professional compiled an…
M/S Tata Steel Ltd. (Appellant-Successful Resolution Applicant or 'Appellant-SRA') filed Civil Appeals challenging orders from the High Court of Bombay, Nagpur Bench, dated March 28, 2019, and July 9, 2019. These orders had dismissed the Appellant-SRA's Writ Petition and Review Application, and crucially, permitted a recovery suit (Civil Suit No. 153 of 2011) filed by Respondent No.1-Varsha, an Operational Creditor, to proceed despite the approval of the Resolution Plan. Additionally, Masyc Projects Private Limited ('Intervenor-Masyc'), another Operational Creditor, had initiated six separate arbitral references against the Corporate Debtor, Bhushan Steel Limited (BSL). Both Varsha and Masyc had submitted claims as Operational Creditors during the Corporate Insolvency
…M/S Tata Steel Ltd. (Appellant-SRA) filed Civil Appeals challenging High Court orders dated March 28, 2019, and July 9, 2019.
The High Court orders dismissed the Appellant-SRA's Writ Petition and Review Application and permitted a recovery suit (Civil Suit No. 153 of 2011) by Operational Creditor Varsha to proceed despite the Resolution Plan's approval.
On August 27, 2021, the Supreme Court permitted Masyc Projects Private Limited (Intervenor-Masyc), another Operational Creditor, to make submissions on whether OCs can enforce claims by civil suit/arbitration after Resolution Plan approval.
Prior to the CIRP against Bhushan Steel Limited (BSL), Varsha initiated Civil Suit No. 153 of 2011 for recovery of ₹38,89,674.14 plus 18% interest against BSL.
…Respondent No.1-Varsha instituted a summary…
The Resolution Professional compiled an…