# TORRENT POWER LTD. vs. ASHISH ARJUNKUMAR RATHI & OTHERS

> SC judgment dated 2026-02-27. Citation: TCN-2026-SC-00070. Unsuccessful resolution applicants (Torrent Power Ltd., Vantage Point Asset Management Pte. Ltd.,…

- **Court:** SC
- **Order date:** 27 Feb 2026
- **Citation:** TCN-2026-SC-00070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/torrent-power-ltd-vs-ashish-arjunkumar-rathi-others-hxoav

## Summary

### Background

Unsuccessful resolution applicants (Torrent Power Ltd., Vantage Point Asset Management Pte. Ltd., and Jindal Power Limited) challenged the approval of the Resolution Plan submitted by Sarda Energy and Minerals Limited (SEML) for the Corporate Debtor, SKS Power Generation (Chhattisgarh) Limited. The appellants contended that SEML had modified its commercial offer after the negotiation process concluded, specifically by allegedly increasing its commitment towards Bank Guarantees (BGs) and converting a deferred payment offer into an upfront payment, in breach of the process note and RFRP. The NCLT initially remitted SEML's plan for reconsideration but later approved it, rejecting the other applicants' pleas. The NCLAT affirmed the NCLT's final decision, emphasizing the

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## Facts

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

Bank of Baroda filed an application under Section 7 of the IBC against the Corporate Debtor, which was admitted by NCLT on 29.04.2022.

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

On 17.07.2022, the RP issued Form-G inviting Expressions of Interest (EoIs) from prospective resolution applicants.

The RP issued a Request for Resolution Plan (RFRP), Information Memorandum, and provided access to the Virtual Data Room on 12.08.2022.

The final date for submission of Resolution Plans was decided as 30.12.2022, after several extensions.

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## Issues and analysis

### Issue 1: Whether the clarifications furnished by SEML pursuant to queries raised by the RP in relation to …

**Ratio:** The clarifications provided by Sarda Energy and Minerals Limited (SEML) regarding Bank

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**Reasoning:** Regarding Bank Guarantees, SEML's Resolution Plan (Clause 6.3.14) from its inception

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**Interpretation:** The Court interpreted the clarifications as being explanatory in nature,

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**Application:** The NCLT and NCLAT correctly found that the clarifications did not amount to a

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## Parties

- **Judges:** NAGARATHN…; R. MAHADEV…
- **Appellants:** Torrent Pow…; Vantage Point…; +1 more
- **Respondents:** SKS Power…; Ashish Arjunkumar…; +1 more
- **Other parties:** CoC…; Bank of B…
- **Advocates:** Abhishek Manu…; Kapil S…

## Timeline

- **2022-04-29 — CIRP Admi…**: NCLT admitted the application filed by Bank of Baroda under Section 7 of the IBC against…
- **2022-07-17 — Invitation f…**: The RP issued Form-G inviting Expressions of Interest (EoIs) from prospective resolution…

## 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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