Case Details

Case Name: Bhushan Power & Steel Ltd. vs Shiv Tools Engineering Pvt. Ltd

Court/Authority: National Company Law Tribunal Chandigarh Bench (Court – II) (Special Bench)

Case Number: IA(I.B.C)/689(CH)2026 In CP (IB) No. 232/Chd/Hry/2019

Date of Order: 25.05.2026

Under Section: 9 of the IBC, 2016 and Rule 11 of the NCLT, 2016

Next Hearing Date: 06.07.2026

Parties Involved

Petitioner/Applicant: Bhushan Power & Steel Ltd. (now seeking substitution by JSW JFE Steel Limited)

Respondent: Shiv Tools Engineering Pvt. Ltd

Legal Representative for Applicant: Mr. Rajansh Thukral, Advocate

Tribunal Members: Shri. Shishir Agarwal (Member Technical) and Shri. Mahendra Khandelwal (Member Judicial)

Issues / Allegations / Violations

The application was filed under Rule 11 of the NCLT, 2016 seeking substitution of M/s JSW JFE Steel Limited (formerly known as M/s JSW Sambalpur Steel Limited) as the Successor-in-Interest to the original Petitioner Company M/s Bhushan Power & Steel Limited. This substitution is sought pursuant to a Business Transfer Agreement dated 27.02.2026 and due to the fact that Bhushan Power & Steel Limited had gone into Corporate Insolvency Resolution Process (CIRP), with the present applicant being the Successful Resolution Applicant whose Resolution Plan has already been approved.

Findings & Observations

The Tribunal heard the learned counsel for the applicant and found it appropriate to issue notice of this Application to the Respondent. The Tribunal acknowledged that a necessity has arisen for the applicant to be substituted as the Petitioner in the main Company Petition originally filed in 2019.

Penalties / Settlements / Directions

The Tribunal directed:

  • Issue notice of this Application to the Respondent(s)
  • The Applicant shall collect the notice from the Registry and send it by speed post as well as by e-mail to the Respondent
  • The notice must include copy of the application, entire paper book, and copy of this order
  • The applicant shall file affidavit of service supported by postal receipt, tracking report and copy of e-mail within two weeks
  • Respondent to file reply within two weeks with copy to opposite counsel
  • Rejoinder, if any, to be filed within one week thereafter with copy to opposite counsel

Final Ruling & Enforcement

The matter has been listed for further consideration before the Regular Bench on 06.07.2026. The substitution application will be considered after following the due process of serving notice and receiving responses from the respondent.