The court quashed and set aside the judgment and orders dated 05.09.2019 and 17.02.2022 passed by the NCLT and the NCLAT
The Supreme Court rejected the Resolution Plan submitted by JSW Steel for Bhushan Steel and Power Ltd holding that the Resolution Plan was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code ( IBC ).The Court ordered the liquidation of Bhushan Steel and Power Ltd.
A two-judge bench comprising Justice Bela M. Trivedi and Justice Satish Chandra Sharma found that the Committee of Creditors(CoC) should not have accepted it. The bench also faulted the National Company Law Tribunal for approving the Resolution Plan.
Justice Bela Trivedi found that the resolution professional had utterly failed to…
