Supreme Court Holds CoC Cannot Withdraw Approved Resolution Plan Citing Improved Financial Position Of Corporate Debtor, upholding the NCLAT and directing the NCLT to decide the pending plan and settlement applications together. New Delhi: The Supreme Court on October 26 held that a Committee of Creditors (CoC) cannot withdraw its approval of a resolution plan […]
The NCLT Approves 107 Resolution Plans worth Rs 11,071.14 crore in the July to September 2026 quarter, the highest quarterly tally in its history, according to data released by the Tribunal. New Delhi: The National Company Law Tribunal (NCLT) has recorded its highest-ever quarterly performance in terms of approved resolution plans under the Insolvency and […]
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
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 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.
