The Supreme Court came out with a Judgment in the matter of Kalyani Transco Vs Bhushan Power & Steel Ltd.[1] more famously known as the JSW judgment. The case of Bhushan Power & Steel Ltd. was amongst the dirty dozens, who were brought into insolvency in the first tranche with the coming into force of the Insolvency & Bankruptcy Code (Code / Insolvency Code). It is still the story of yesterday when Bhushan Power & Steel Ltd. and its promoters had not opposed the admission of the company under the Insolvency & Bankruptcy Code and the corporate insolvency resolution process was initiated on 26.7.2017. Incidentally, at that stage, Section 29A[2] was still to be introduced. At that stage most of the companies in respect of whom insolvency proceedings were initiated were of the view that the debts of the company shall be resolved through insolvency code under the umbrage of the existing management.
