Supreme Court temporarily halts Bhushan Power’s liquidation

/ Acquisition, Bhushan PowerSteel, BPSL, Business, IBC, India, Insolvency, JSW Steel, Justices, Liquidation, Nagarathna, NCLT, Promoter, Review Petition, Sanjay Singhal, Satish Sharma, Status Quo, Steelmaker, Supreme Court, Verdict

A two-judge bench of the Supreme Court on Monday temporarily stopped the liquidation of Bhushan Power and Steel Ltd (BPSL). This halts proceedings at the National Company Law Tribunal (NCLT) until at least June 2, which is JSW Steel’s deadline to file a review petition on the apex court’s May 2 verdict. The apex court had scrapped JSW Steel’s 2021 acquisition of the then-insolvent steelmaker under the Insolvency and Bankruptcy Code (IBC) and ordered BPSL’s liquidation. JSW argued that liquidation would jeopardize its intended review petition.

Published by: The Morning Context
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