The Supreme Court on Friday set aside the resolution plan submitted by JSW Steel Ltd for the Bhushan Steel and Power Ltd (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.
The top court criticised the conduct of all key stakeholders in the resolution process – the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) – for enabling what it termed a “flagrant violation” of the IBC.
JSW Steel Ltd, in a regulatory filing to National Stock…
