Case Name: Vinergy International Pvt. Ltd. vs. Bharat Petroleum Corporation Ltd. & Anr.
Court/Authority: Supreme Court of India, Civil Appellate Jurisdiction.
Civil Appeal No.: ___ of 2025 (Arising out of SLP(C) No.27719 of 2025).
Order Date: 15 December 2025.
Related High Court Order: Dated 10 July 2025, passed by the High Court of Judicature at Bombay under Section 11 of the Arbitration and Conciliation Act, 1996.
Insolvency Timeline: Corporate Insolvency Resolution Process (CIRP) initiated on 09 February 2023; Resolution Plan approved by NCLT, Mumbai on 09 December 2024.
Respondent No.2: Unnamed party (did not appear before the Court).
Successful Resolution Applicant: Entity that stepped into the shoes of the corporate debtor after approval of the resolution plan (name not specified).
Judges: Hon’ble Mr. Justice Sanjay Kumar and Hon’ble Mr. Justice Alok Aradhe.
Counsel for Appellant: Mr. Dhruv Dewan, Adv.; Mr. Rohan Batra, AOR; Ms. Sanjukta Roy, AOR.
Counsel for Respondents: Mr. T. Sundar Ramanathan, AOR; Mr. Krishan Singhal, Adv.; Ms. Aastha Sardana, Adv.
Issues / Allegations / Violations
Whether the High Court’s order appointing an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, can be enforced against the Successful Resolution Applicant who assumed the corporate debtor’s position after the resolution plan’s approval.
Whether liabilities incurred by the corporate debtor prior to the approved resolution plan can bind the new debtor (Successful Resolution Applicant).
Findings & Observations
The Court observed that the Successful Resolution Applicant, having stepped into the shoes of the corporate debtor, is protected by the ‘clean‑slate’ principle and therefore cannot be fastened with past liabilities that were not part of the approved resolution plan.
Consequently, the High Court’s order appointing an arbitrator is deemed applicable only to Respondent No.2, who failed to appear before the Supreme Court.
Penalties / Settlements / Directions
No monetary penalties or settlements were imposed.
The Supreme Court directed that the applicability of the High Court order dated 10 July 2025 be limited solely to Respondent No.2.
The appeal filed by Vinergy International Pvt. Ltd. is allowed in the terms of the signed order.
All pending applications, if any, are disposed of.
Corrective Actions & Future Obligations
The Court’s direction effectively releases the Successful Resolution Applicant from any pre‑resolution liabilities not incorporated in the approved plan.
No additional compliance measures or reporting obligations were stipulated beyond the limitation of the High Court order.
Final Ruling & Enforcement
The appeal is allowed; the High Court’s arbitrator appointment order is confined to Respondent No.2 only.
All pending applications are dismissed.
The order is signed by Justice Sanjay Kumar and Justice Alok Aradhe and placed on file on 15 December 2025.
