IBC Weekly Round Up [28th April-4th May 2025]

Nominal Index: Kalyani Transco vs M/s Bhushan Steel and Power Ltd and connected appeals | C.A. No. 1808/2020, 2025 LiveLaw (SC) 524 VISA COKE LIMITED VERSUS M/S MESCO KALINGA STEEL LIMITED, 2025 LiveLaw (SC) 505 Employees' Provident Fund Organization v/s Dr. Madurai Sundaram Sankar, Company Appeal (AT) (CH) (Ins) No. 193/2025 Kavindra Kumar and Ors. Vs M/s Desein Private Limited, Company Appeal (AT) (Insolvency) No. 1272 of 2023 T.C.A. Surveyors & Advisors Pvt. Ltd. Versus Pooja Bahry, Est. RP for United News of India & Ors., Company Appeal (AT) (Insolvency) No. 533 of 2025 Shailendra Agarwal Versus Asit Upadhyaya and Ors., Company Appeal (AT) (Insolvency) No. 327 of 2025 Amier Hamsa Ali Abbas Rawther v. NLC India Limited, Company Appeal (AT) (CH) (Ins) No. 213/2025 Bhawani Prasad Mishra Vs Armaco Infralinks Pvt. Ltd. & Anr, Company Appeal (AT) (Insolvency) No. 557 of 2025 Oriental Bank of Commerce Vs. Shree Bhimeshwari Ispat Private Limited, IA 141/2023 IN CP (IB) No. 4550/MB-II/2018 M/s International Electricals v. Aryan Electricals Private Limited, CP (IB) 1211/MB /2023 M/s Conquerent Control Systems Private Limited V/s M/s Ansal Crown Infrabuild Private Limited, CP (IB) No. 783 (ND)/ 2022 M/s GENESIS COMTRADE PRIVATE LIMITED VS M/s OPULENT INFRADEVELOPERS PVT. LTD, IA 1796(ND)/2024 in CP No.: IB 304(ND)/2022 Seeta Neeraj Shah Vs ICICI Bank Ltd., IA/4194/2024 IN C.P. (I.B) No. 119/MB/2021 Supreme Court Explained| Why Supreme Court Set Aside JSW's Resolution Plan For Bhushan Steel & Power Ltd Case Details : Kalyani Transco vs M/s Bhushan Steel and Power Ltd and connected appeals | C.A. No. 1808/2020 Citation : 2025 LiveLaw (SC) 524 The Supreme Court in its recent decision to set aside the Resolution Plan submitted by JSW Steel for Bhushan Steel and Power Ltd, flagged the various procedural non-compliances done by the Resolution Professional and lack of commercial wisdom exercised by the Committee of Creditors (Coc) Holding that the Resolution Plan of JSW was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code(IBC), a bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma stated that the Committee of Creditors(Coc) should not have accepted it. The bench also faulted the National Company Law Tribunal for approving the Resolution Plan. NCLT/NCLAT Cannot Review Actions Taken By ED Under PMLA : Supreme Court Case : Kalyani Transco vs M/s Bhushan Steel and Power Ltd and connected appeals | C.A. No. 1808/2020 Citation : 2025 LiveLaw (SC) 524 In the Bhushan Steel insolvency case, the Supreme Court disapproved of the National Company Law Appellate Tribunal staying with the provisional attachment order passed against the assets of Bhushan Steel and Power Ltd under the Prevention of Money Laundering Act (PMLA). The Court emphatically stated that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot review the actions taken by statutory authorities under other laws. S. 8 IBC | Service Of Demand Notice On Corporate Debtor's Key Managerial Personnel Is Valid To Trigger Insolvency Process : Supreme Court Case Title: VISA COKE LIMITED VERSUS M/S MESCO KALINGA STEEL LIMITED Citation : 2025 LiveLaw (SC) 505 The Supreme Court on Tuesday (April 29) upheld the delivery of a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to the corporate debtor's Key Managerial Personnel (KMP), stating that the delivery of the notice to the KMP substantially complies with the requirement of Section 8 of IBC. Setting aside the National Company Law Appellate Tribunal (NCLAT) ruling, the bench of Justices JB Pardiwala and R Mahadevan allowed the Operational Creditor's appeal, stating that delivery of the demand notice to the corporate debtor's KMP constitutes deemed service of the notice. NCLAT Repeated Filing Of Applications U/S 42 Of IBC Violates Principle Of Res Judicata, Amounts To Abuse Of Law: NCLAT Chennai Case Title: Employees' Provident Fund Organization v/s Dr. Madurai Sundaram Sankar Case Number: Company Appeal (AT) (CH) (Ins) No. 193/2025 The National Company Law Appellate Tribunal (NCLAT), Chennai, comprising Justice Sharad Kumar Sharma (Member (Judicial) and Jatindranath Swain (Member (Technical) dismissed appeals filed by the EPFO against the RP and SRA, stating that the same is restricted by the Doctrine of Res Judicata. Joint Application U/S 9 Of IBC Not Maintainable If Individual Claims Do Not Meet Threshold Limit U/S 4 Of IBC: NCLAT Case Title: Kavindra Kumar and Ors. Vs M/s Desein Private Limited Case Number:Company Appeal (AT) (Insolvency) No. 1272 of 2023 The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Baurn...

IBC Weekly Round Up [28th April-4th May 2025]

Mohd Malik Chauhan

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