2026 INSC 166
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REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO(s).2211/2024
Power Trust (Promoter of Hiranmaye Energy Ltd.) ….Appellant(s)
Versus
Bhuvan Madan (Interim Resolution Professional of Hiranmaye Energy Ltd.) & Ors. …Respondent(s)
J U D G M E N T
Joymalya Bagchi, J.
1. Present appeal has been instituted by Power Trust,1 a promoter of
Hiranmaye Energy Ltd.2 under Section 62, Insolvency and
Bankruptcy Code, 20163, challenging order dated 25.01.2024 by
National Company Law Appellate Tribunal, Principal Bench, New
Delhi4. By the impugned order, NCLAT has upheld order dated
02.01.2024 by National Company Law Tribunal, Kolkata Bench5,
1 Hereinafter “Appellant”. 2 Hereinafter “Corporate Debtor”. 3 Hereinafter “IBC/The Code”. 4 Hereinafter “NCLAT”. 5 Hereinafter “NCLT/Adjudicating Authority”.
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whereby the NCLT admitted an application filed under Section 7, IBC6
by REC Ltd.7 and initiated the corporate insolvency resolution
process8 against the Corporate Debtor.
FACTS GIVING RISE TO THE APPEAL
2. A common loan agreement dated 19.06.2013 was entered into
between the Corporate Debtor and 2nd Respondent to avail a term
loan of Rs. 1859 crore for setting up of a thermal power plant at
Haldia, West Bengal. Due to cost overruns, on 30.10.2015, the
Corporate Debtor av...