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In a significant judgment delivered by the Hon'ble Supreme Court of India in Kalyani Transco v. M/s Bhushan Power and Steel Ltd. & Ors. on May 2, 2025, the SC had dealt with the below-mentioned issues:  Maintainability of appeals filed by different stakeholders.  Jurisdiction of NCLT/NCLAT to review decisions of statutory authorities under PMLA.  Extent of compliance with mandatory provisions of the IBC (Insolvency and Bankruptcy Code, 2016) and its Regulations.  Significant delays encountered in the implementation of the Resolution Plan Roles and responsibilities of the Resolution Professional (RP) and Committee of Creditors (CoC) Background Facts of the Case:  Bhushan Power and Steel Limited (" BPSL" ) was one of the "dirty dozen" - 12 large accounts identified by the Reserve Bank of India in June 2017 for immediate reference under the IBC . The corporate insolvency resolution process (CIRP) was initiated against BPSL on July 26, 2017, with...

What happens to your personal data stored in case your mobile phone is seized by the ED?  This is an issue of seminal important, that whether the Enforcement Directorate (ED) has the power to access or copy the personal data from the mobile phones seized during the search conducted by the enforcement agency? In 2024, the Hon'ble Supreme Court directed the Enforcement Directorate not to access and copy the contents of Mobile phone of the  Santiago Martin, the owner of  Future Gaming and Hotel Services Private Limited. The Supreme Court had also stayed the summons issued by the ED requiring the physical presence of individuals for extraction of data stored in the respective physical devices. This signals towards a more stricter regime to be adhered with by  enforced.  Read the entire order at   https://api.sci.gov.in/supremecourt/2024/57510/57510_2024_5_86_58074_Order_13-Dec-2024.pdf In the landmark judgments delivered by the Hon'ble Supreme Court of India in...