STATE BANK OF INDIA Vs. BHUSHAN ENERGY LIMITED

JUDGEMENT

(1.) On behalf of the respondent three principal arguments have been raised inter alia raising objection to the appointment of Insolvency Resolution Professional.

(2.) The argument raised is that in Bhushan Steel Limited a partner from the Deloitte Touche has already been appointed as an Interim Resolution Professional and appointing another partner of the same firm i.e. Deloitte Touche in Bhushan Energy Limited would result in compromising the independence of the Interim Resolution Professional because there is conflict of interest between the Bhushan Steel Limited and Bhushan Energy Limited in respect of tariff rates.

(3.) Learned counsel for the petitioner states that the argument advanced is not well founded and is liable to be rejected.