# In the matter of Torrent Power Limited v. Ashish Arjunkumar Rathi

> SC judgment dated 2026-02-27. Citation: TCN-2026-SC-00014. The case involves civil appeals filed against the dismissal of appeals by the National Company Law…

- **Court:** SC
- **Order date:** 27 Feb 2026
- **Citation:** TCN-2026-SC-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/torrent-power-limited-v-ashish-arjunkumar-rathi-060b299f

## Summary

### Background

The case involves civil appeals filed against the dismissal of appeals by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, concerning the approval of a resolution plan for SKS Power Generation (Chhattisgarh) Limited.

## Facts

SKS Power Generation (Chhattisgarh) Ltd. is the Corporate Debtor.

Bank of Baroda filed an application under Section 7 of the IBC against SKS Power Generation.

The NCLT admitted the application on 29.04.2022.

Ashish Arjunkumar Rathi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP.

The RP issued Form-G on 17.07.2022, inviting Expressions of Interest (Eols).

SEML and six other applicants submitted Resolution Plans.

The CoC decided to hold an inter-se bidding process on 19.04.2023.

The CoC approved SEML's Resolution Plan with a 100% vote share.

Torrent, Vantage, and Jindal filed applications challenging the approval of SEML's plan.

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## Issues and analysis

### Issue 1: Whether the clarifications furnished by SEML resulted in any enhancement or modification of SEML's …

**Ratio:** The Supreme Court held that the clarifications provided by SEML did not amount to a

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**Reasoning:** The court reasoned that the clarifications addressed the issuing banks' interim exposure

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**Interpretation:** The court interpreted the clarifications as merely elaborating on the existing

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**Application:** The court applied this interpretation to reject the appellants' contention that

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## Parties

- **Judges:** NAGARA…; R. MAHA…
- **Appellants:** Torrent Pow…; Vantage Point…; +1 more
- **Respondents:** SKS Power…; Ashish Arjunkumar…

## Timeline

- **2022-04-29 — Admission of Ap…**: The NCLT admitted the application filed by Bank of Baroda against SKS Power Generation…
- **2022-07-17 — Form-G I…**: The RP issued Form-G inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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