Ex-promoters of Bhushan Steel seek open court hearing on liquidation review; CJI to form bench, ETInfra

The bench held that the CoC failed to exercise its commercial wisdom while approving JSW's resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations. — The bench held that the CoC failed to exercise its commercial wisdom while approving JSW’s resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations.

The former promoters of Bhushan Steel and Power Ltd on Monday urged the Supreme Court to accord an open court hearing to their plea seeking review of the May 2 verdict ordering liquidation of BSPL under the Insolvency and Bankruptcy Code.

The top court had on May set aside the resolution plan submitted by JSW Steel for the BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).

A bench comprising Justice Bela M Trivedi…

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Ex-promoters of Bhushan Steel seek open court hearing on liquidation review; CJI to form bench, ETInfra

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