New Delhi, May 2 (PTI) In a significant verdict, the Supreme Court on Friday set aside a resolution plan submitted by JSW Steel Limited for Bhushan Steel and Power Limited (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).
A bench comprising Justices Bela M Trivedi and 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.
Writing a 105-page judgment for the bench, Justice Trivedi criticised…
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