# In the matter of Power Trust vs. Bhuvan Madan (IRP Of Hiranmaye Energy Ltd.) & Anr.

> SC judgment dated 2024-05-03. Citation: TCN-2024-SC-00071. The case involves a civil appeal (No. 2211/2024) before the Supreme Court of India. Power Trust, as…

- **Court:** SC
- **Order date:** 3 May 2024
- **Citation:** TCN-2024-SC-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/power-trust-vs-bhuvan-madan-52061345

## Summary

### Background

The case involves a civil appeal (No. 2211/2024) before the Supreme Court of India. Power Trust, as the promoter of Hiranmaye Energy Ltd., is the appellant, and Bhuvan Madan, the Interim Resolution Professional of Hiranmaye Energy Ltd., is the respondent. IA No. 84962/2024 concerns appropriate orders/directions. The matter was called for hearing on May 3, 2024.

## Facts

Power Trust, acting as the promoter of Hiranmaye Energy Ltd., filed a civil appeal against Bhuvan Madan, the Interim Resolution Professional of Hiranmaye Energy Ltd. The court heard the matter on May 3, 2024, and considered IA No. 84962/2024, which concerned appropriate orders/directions. The appellant was given the opportunity to submit a settlement proposal to the first respondent, and the court directed that the proposal be processed according to the law if submitted. The statutory appeal was admitted for final hearing.

## Issues and analysis

### Issue 1: Whether the appellant should be allowed to submit a …

**Ratio:** The court has the discretion to allow parties to explore settlement options to resolve

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**Reasoning:** The court reasoned that allowing the appellant to submit a settlement proposal could

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**Interpretation:** This reflects the court's approach to encourage settlement and alternative

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**Application:** The court applied this principle by allowing the appellant to submit a

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## Parties

- **Judges:** ABHAY S…; UJJAL B…
- **Appellants:** POWER TRUST…
- **Respondents:** Hiranmaye Energy…; Bhuvan Madan…

## Timeline

- **2024-05-03 — Hearing…**: The matter was called for…
- **2024-09-05 — Listing…**: The Civil Appeal No. 2211 of 2024…

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