In a key development in the Bhushan Power and Steel Ltd (BPSL) case, the Supreme Court on Monday ordered a status quo on liquidation proceedings before the National Company Law Tribunal (NCLT), granting temporary relief to JSW Steel, which is seeking to file a review petition.
The top court was hearing a plea filed by JSW Steel challenging the ongoing liquidation process of BSPL. Senior counsel appearing for JSW submitted that the company is exercising its right to file a review of the court’s earlier ruling and that the statutory limitation period for doing so has not yet expired.
The counsel also informed the court that necessary steps were already underway to formally submit the review petition.
At the same time, the former promoter…
