The Supreme Court on May 2 rejected the resolution plan submitted by JSW Steel for Bhushan Steel and Power Ltd (BSPL) on May 2 and ordered the liquidation of BSPL under the IBC.
A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma 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.
Justice Bela Trivedi, pronouncing the verdict, said the resolution professional failed to perform his statutory duties during the corporate insolvency resolution process, as mandated under the IBC and its associated…
