Case Study: Insolvency Fraud and Asset Stripping in a Real IBC Case

A forensic case study of Bhushan Power and Steel Ltd, the Odisha steelmaker from RBI's first list of twelve large defaulters that became the IBC's defining fraud case. Built for senior forensic auditors, chief compliance officers and financial crime investigators. Traces how loan money allegedly moved from lender accounts into shell entities and came back as promoter equity, how the resolution professional rebuilt the books and ran the transaction audit, and how the Enforcement Directorate's attachment of assets after JSW Steel's plan was approved led directly to Section 32A immunity. Follows the long tail through the Supreme Court's May 2025 liquidation order, its recall and the September 2025 ruling upholding the plan. Ends with a practitioner's red flag map, a transaction audit workpaper template and compliance lessons for lenders and boards.