...notice of the Bench by the Ld. Counsel appearing on behalf of the assessee viz. M/s. Tata Steel Limited (Formerly M/s. Bhushan Steel Limited), that during the pendency of the appeals, insolvency proceedings had been initiated against M/s. Bhushan Steel Limited by State Bank of India under the provisions of the Insolvency and Bankruptcy Code, 2016 ("IBC"), before the National Company Law Tribunal, New Delhi (NCLT). It...informed that the insolvency petition against M/s. Bhushan Steel Limited was admitted by the NCLT on 26.07.2017, and subsequently, M/s. Tata Steel Limited (as it stood subsequent...) FINAL ORDER NOs. 76322-76323 / 2026 DATE OF HEARING / DECISION: 05.10.2026 M/s. Tata Steel Limited [Formerly known as 'M/s. Bhushan...

...notice of the Bench by the Ld. Counsel appearing on behalf of the assessee viz. M/s. Tata Steel Limited (Formerly M/s. Bhushan Steel Limited), that during the pendency of the appeals, insolvency proceedings had been initiated against M/s. Bhushan Steel Limited by State Bank of India under the provisions of the Insolvency and Bankruptcy Code, 2016 ("IBC"), before the National Company Law Tribunal, New Delhi (NCLT). It...informed that the insolvency petition against M/s. Bhushan Steel Limited was admitted by the NCLT on 26.07.2017, and subsequently, M/s. Tata Steel Limited (as it stood subsequent...) FINAL ORDER NOs. 76322-76323 / 2026 DATE OF HEARING / DECISION: 05.10.2026 M/s. Tata Steel Limited [Formerly known as 'M/s. Bhushan...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...) pending before the Bench at Kolkata Tribunal abates, in view of the factual matrix and the fact that the appellants - M/s Tata Steel Ltd., have taken over the company from Bhushan Steel Ltd, after NCLT has...culminated into approval of Resolution Plan of Bhushan Steel Ltd by the Adjudicating Authority at NCLT, Principal Bench at New Delhi. They have also considered the relevant clauses of the Resolution Plan... (Arising out of OIA No.52/2012-VCH dt.26.07.2012 passed by Commissioner of Customs, Central Excise & Service Tax (Appeals), Visakhapatnam) Bhushan Steel Limited...

...Appeal No.1808 of 2020 titled as 'Kalyani Transco Vs. M/s Bhushan Power and Steel Limited and Ors.' and Resolution Plan... **** 201 CWP-5425-2003 Date of Decision: 13.11.2025 M/S BHUSHAN METTALICS LTD. ...Petitioner Vs. STATE OF PUNJAB AND ANR...approved by NCLT. In view of orders passed by NCLT and Appellate Tribunal which stand upheld by Hon'ble Supreme Court, the Resolution Plan stands approved. New management has...

...of the petitioner (then known as Bhushan Steel Limited) had initiated the Corporate Insolvency Resolution Process (CIRP) by filing a petition before the National Company Law Tribunal (NCLT). The said...petition was admitted on 26.07.2017. Thereafter, Tata Steel Limited had submitted a Resolution Plan with respect to the petitioner (then known as Bhushan Steel Limited), which was approved by the Committee of Creditors on 20.03.2018 and by Adjudicating Authority (NCLT) on...Fraud Investigation Office v. Bhushan Steel Limited, whereby the Trial Court had taken cognizance of the offences punishable under the...

...with the fact as under :- "8. that the resolution plan submitted by Tata Steel Limited (successful resolution applicant) in the case of Bhushan Steel Limited has been duly approved by the Hon'ble NCLT Delhi... Tata Steel Limited (Formerly as M/s. Bhushan Steel Limited) Bhushan Centre, Hyatt, Regency Complex, Bhikaji Cama Place, New Delhi PAN No.AAACB1247M Vs...resolution plan has been duly approved by the Hon'ble NCLT vide order dated 15.05.2018. In view of the above he prayed that para 8 of the order dated 08.01.2025 needs to be substituted / modified in line...

...resolution plan it had submitted for approval of the adjudicating authority. [SBI v. Bhushan Steel Ltd., 2018 SCC OnLine NCLT 32305, para 83(i)] Without relief from imposition of the such liability, the...Insolvency and Bankruptcy Code, 2016 (for short, ‘the IBC’ or ‘the IBC, 2016’) before the NCLT, Ahmedabad, seeking to initiate Corporate Insolvency Resolution Process (for short, ‘the CIRP’) with...respect to the corporate debtor.27. The Insolvency application came to be admitted by the NCLT on 12.09.2017.28. On 3.10.2017, the...

..., the employees, officers Shri Hardev Chand Verma, Director, M/s. Bhushan Power & Steel Limited NH-2, Delhi Road, Vill.: - Bangihati, P.O...appearing on behalf of the appellant submits that the main company has gone into Liquidation and as per the Order of the National Company Law Tribunal (NCLT) dated 05.09.2019 approving the Resolution Plan...the Ld. Counsel for the appellant. 4. We find that the National Company Law Tribunal (NCLT) vide its Order dated 05.09.2019 has discharged the appellant from the liability on behalf...

...) was initiated against Bhushan Steel before the Principal Bench of the National Company Law Tribunal (NCLT) vide order dated 26thJuly, 2017. In the said proceedings, the Financial Creditors...filed a claim for the outstanding amounts in terms of the Facility Agreement. An amount of EUR 156,929,177.43 was admitted by the Resolution Professional of Bhushan Steel as the financial debt owed to the Financial Creditor. As a part of the Resolution Plan dated 3rdFebruary, 2018, approved by the NCLT on...respect of the corporate debtor, Bhushan Steel stands concluded, the insolvency proceedings against the defendants could not have been filed before the NCLT. Resultantly, the benefit of Section...

...under Section 7 of the IBC before the NCLT seeking initiation of CIRP of M/s. Bhushan Steel Limited. b. On 26.07.2017, the National Company Law Tribunal, New Delhi (hereafter, “NCLT”) passed...24.08.2017, the CoC convened for the first time wherein it inter alia confirmed the appointment of Mr. Vijay Kumar Iyer as the Resolution Professional of Bhushan Steel Limited. d. On 20.03.2018, the CoC approved the resolution plan proposed by Tata Steel Ltd. e. On 28.03.2018, the RP filed the resolution plan proposed by Tata Steel before the NCLT for...being Tata Steel BSL Ltd., the Appellant herein assumed control of Bhushan Steel Limited. i. NCLT observed that CA-284(PB)/2018, i.e., the avoidance application, has been...

...) was initiated against Bhushan Steel before the Principal Bench of the National Company Law Tribunal (NCLT) vide order dated 26thJuly, 2017. In the said proceedings, the Financial Creditors...filed a claim for the outstanding amounts in terms of the Facility Agreement. An amount of EUR 156,929,177.43 was admitted by the Resolution Professional of Bhushan Steel as the financial debt owed to the Financial Creditor. As a part of the Resolution Plan dated 3rdFebruary, 2018, approved by the NCLT on...respect of the corporate debtor, Bhushan Steel stands concluded, the insolvency proceedings against the defendants could not have been filed before the NCLT. Resultantly, the benefit of Section...

...the case of Punjab National Bank V/s Bhushan Power & Steel Limited C.A. No. 152(PB)/2018 in C.P.(IB)-202(PB)2017the Honble Principal Bench, NCLT, New Delhi vide an Order dated...consider the request for submission of the Resolution Plan. The request was not entertained by the Learned R.P., instead in reply asked the Applicant to approach the Honble NCLT. ..2...

...of 2019 a. Punjab National Bank...V/s...Bhushan Power & Steel Ltd. NCLT, New Delhi, CA No. 152/PB/2018 in CP (IB) 202/PB/201; b. Sharda Energy and... Order Dated: 23.11.2020 Page 1 of 14 > NCLT Mumbai, Court - I IA No. 1211/MB/2020 in CP...Professional (RP) by order dated 14/05/2020 of the NCLT, Principal Bench. Page 2 of 14 NCLT Mumbai, Court - I...

..., is thus under challenge. Brief Background 4. The brief background of this case is that Respondent No. 3 i.e. M/s Bhushan Steel Ltd. (now known as Tata Steel BSL Ltd.) (hereinafter, 'Corporate Debtor') was the subject of Corporate Insolvency Resolution Process (hereinafter, 'CIRP') before the NCLT, initiated...a petition being C.P. No.(IB) - 201(PB)/2017 titled State Bank of India v. Bhushan Steel Ltd filed on 26thJuly, 2017. 5. On the same date when the CIRP was initiated, the NCLT appointed...Bhushan Steel Ltd. (BSL). The said agreement was entered into on 3rdOctober, 2009. The application for initiation of CIRP was admitted by the NCLT on...

...the appeal should not be counted for any purpose.ii) Judgment of Hon'ble NCLT, Principal Bench, in the matter of Punjab National Bank v. Bhushan and Steel Limited..., 51 and 153 of the NCLT Rules for exclusion of standstill period of 118 days falling between 19.09.2017 to 15.01.2018 should not counted for any purpose and therefore has to be excluded from total...& 153 of the NCLT Rules, and also with Regulation-40 of the Insolvency and Bankruptcy Board of India as well as Section-15(1) of the Limitation Act with such...