The Supreme Court verdict is a setback to the resolution process
| Photo Credit:
lakshmiprasad S
Can a judgment be correct in law, but nevertheless be wrong? The answer appears to be yes in the case of the Supreme Court’s recent judgment setting aside JSW Steel Ltd’s (JSW) resolution plan for the acquisition of Bhushan Power and Steel Ltd (BPSL).
More than five years after the resolution plan was approved by the National Company Law Tribunal (NCLT) and affirmed by the National Company Law Appellate Tribunal (NCLAT), the Court has ordered that BPSL be liquidated.
The Court minced no words in holding that there had been egregious lapses on the part of the…
