Introduction
In a judgment that may well redefine the contours of finality in insolvency resolution under India’s insolvency regime, the Supreme Court, in Kalyani Transco v. Bhushan Power and Steel Ltd.1, directed the liquidation of a corporate debtor more than five years after its resolution plan had been approved and implemented. The decision not only invalidated a resolution plan that had been fully executed by the successful resolution applicant but also ordered the return of funds disbursed to financial and operational creditors, thereby unsettling what had long been presumed settled. The ruling has sent tremors through the insolvency ecosystem, raising foundational questions about legal certainty, institutional roles, and the…