The Supreme Court of India annulled JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel, declaring it illegal due to violation of Insolvency and Bankruptcy Code norms. The court ordered BPSL’s liquidation, emphasizing that delays and non-compliance undermine the IBC’s objectives, despite previous approvals by NCLT and NCLAT.
The NCLT rejected Akshay Kumar’s insolvency plea against Cue Learn, stating the claim did not constitute operational debt under the IBC. Kumar’s assertion of an unpaid endorsement agreement was deemed invalid due to a contractual breach. The tribunal emphasized that such disputes belong in civil court, not insolvency proceedings, distinguishing between contract claims and actual insolvency issues.
On November 7, the Supreme Court will rule on the five-year Jet Airways ownership dispute between Jalan Kalrock Consortium and creditors led by SBI. JKC claims ownership while creditors request liquidation. Chief Justice DY Chandrachud will deliver the decision before his retirement on November 10, indicating potential impacts on India’s aviation sector.
The Supreme Court has allowed the DAIT-Adani Power consortium to temporarily operate Coastal Energen’s power plant until the NCLAT issues its final order. This decision provides interim relief amid the ongoing insolvency dispute, overturning the NCLAT’s interim order and expressing concerns about the haste with which the NCLAT had acted.
Today, a lending company based in the US alleged that Byju’s had failed to make payments totaling more than Rs 8,000 crore. National Company Law Tribunal (NCLT) in Bengaluru issued a notice regarding a petition filed by international lender Glas Trust LLC. The petition seeks the commencement of insolvency proceedings against Think & Learn Pvt Ltd, the parent entity of the educational technology startup Byju’s.
