The NCLAT ruled that insolvency proceedings against Vatika Limited must be confined to a single real estate project, not the entire company. It emphasized a project-wise CIRP approach to protect homebuyers and unrelated stakeholders despite an established financial default.
The Supreme Court conducted final arguments in the Bhushan Power case, focusing on delays in implementing a resolution plan under the Insolvency and Bankruptcy Code. JSW Steel defended the delays as caused by external factors, while promoters disputed this, claiming JSW failed to meet funding arrangements. The court reserved its verdict after intense discussions.
