A Special Bench of the Supreme Court headed by Chief Justice of India B.R. Gavai on Thursday began hearing a review of a May 2 verdict of the court, which rejected a resolution plan submitted by JSW Steel for Bhushan Power and Steel Ltd (BPSL).
The apex court judgment had further ordered the liquidation of BPSL to commence.
Appearing for the former promoters of BPSL, senior advocate Dhruv Mehta urged against the liquidation and sought a fresh corporate insolvency resolution process to be initiated if JSW’s resolution plan was found faulty.
Solicitor General Tushar Mehta, appearing for the Committee of Creditors, said the ex-promoters had “no business” questioning the terms of the resolution plan.
On May 26, the apex court had…