Case Details

Case Name: Devi Singh, Suspended Director Atma Ram House Investment Pvt. Ltd. vs. Bhushan Power and Steel Ltd. & Ors.

Court/Authority: National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi

Case Numbers: I.A. No. 4064 of 2026 in Company Appeal (AT) (Ins) No. 1812 of 2025 and I.A. No. 4065 of 2026 in Company Appeal (AT) (Ins.) No. 1813 of 2025

Date of Order: 01 June 2026

Parties Involved

Appellant: Devi Singh, Suspended Director of Atma Ram House Investment Pvt. Ltd.

Respondents: Bhushan Power and Steel Ltd. & Others

Legal Representatives:

  • For Appellant: Ms. Akanksha Nehra and Mr. Varnit Vashistha, Advocates
  • For Respondents: Mr. Ribhu Garg, Ms. Tanya Hasija and Mr. Dhaval Bothra, Advocates for BPSL/Applicant; Mr. Spandan Biswal and Mr. Shivendra Pandey, Advocates for IRP

Tribunal Members: Justice Yogesh Khanna (Member-Judicial) and Mr. Naresh Salecha (Member-Technical)

Issues / Allegations / Violations

Applications were filed seeking replacement of the Interim Resolution Professional (IRP), Mr. Santanu T. Ray, in the Corporate Insolvency Resolution Process (CIRP) of Bhushan Power and Steel Ltd. The primary allegation was that the IRP was handling more than 10 cases simultaneously, making him legally ineligible for appointment as IRP in these matters.

Findings & Observations

The Tribunal noted that these applications had not been moved before the National Company Law Tribunal (NCLT) initially. It was acknowledged that the CIRP proceedings had already commenced vide order dated 12 November 2025, and the IRP was enabled to take further steps. A previous order dated 20 November 2025 had noted that the classification of debt as financial debt was still under examination.

Final Ruling & Enforcement

The NCLAT disposed of both applications (I.A. No. 4064 & 4065 of 2026) by granting liberty to the applicant to move appropriate application(s) before the NCLT for replacement of the IRP. The Tribunal requested that if such an application is filed, the NCLT should dispose of it preferably within two weeks. All pending I.A. Nos. 7063, 7064, 7065, 7066, 7067, 7068 of 2025 & 4064, 4065 of 2026 were also disposed of.

The counsel for the Resolution Professional submitted that such an application ought to have been moved before the NCLT initially, which aligned with the Tribunal's final disposition.