Kalyani Transco vs M/S Bhushan Power And Steel Ltd

The Supreme Court reviewed the judgment of the National Company Law Appellate Tribunal (NCLAT) concerning insolvency proceedings involving Kalyani Transco and Bhushan Power and Steel Ltd. The Court examined the validity of the NCLAT's order passed on 17.02.2020, which dealt with the insolvency resolution process and the rights of operational creditors and promoters. The Court emphasized the importance of adhering to insolvency laws and procedural fairness in such proceedings, ultimately upholding the NCLAT's decision. The judgment clarifies the procedural aspects of insolvency resolution and the rights of involved parties under the Insolvency and Bankruptcy Code.