Case Analysis: Kalyani Transco V. Bhushan Power And Steel Ltd & Ors., 2025 SCC Online SC 1010
- IJLLR Journal
- May 15
- 1 min read
Gurkaran Singh, Symbiosis Law School Pune
Tejaswini Nair, Symbiosis Law School Pune
ABSTRACT
The Supreme Court’s judgment in Kalyani Transco v. Bhushan Power and Steel Ltd. & Ors., 2025 SCC OnLine SC 1010, serves as a landmark recalibration of India’s insolvency framework under the Insolvency and Bankruptcy Code, 2016 (1BC). By overturning the resolution plan approved for Jindal South West Steel {JSW Steel) and ordering liquidation, the Court exposed deep procedural lapses, regulatory failures, and misuse of the insolvency process. This case analysis explores how the verdict reasserts judicial oversight, affirms the binding nature of statutory timelines and eligibility conditions, and redefines stakeholder accountability, particularly of Resolution Professionals (RP), Committees of Creditors (COC), and Successful Resolution Applicants (SRAs). The paper critically examines the roles, failures, and legal contentions presented in the case, contextualises the Court’s reasoning within prior precedents, and highlights its implications for post-approval regulation. Ultimately, it argues that the decision reinforces a maturing insolvency regime where legal integrity must prevail over commercial expediency.
