The Supreme Court on Monday ordered status quo on the liquidation proceedings against Bhushan Steel and Power Ltd (BSPL). The top court was hearing a petition filed by BSPL parent JSW Steel, which sought a stay on the liquidation proceedings against the company it acquired in 2021 through insolvency proceedings. Justices BV Nagarathna and Satish Chandra Sharma directed the same in order to allow JSW Steel to file a review petition against the Supreme Court’s May 2 judgment.
The development follows the top court’s May 2 verdict that quashed JSW Steel’s resolution plan worth Rs 19,300 crore for BSPL. JSW Steel had requested the court to postpone the liquidation proceedings by two months, arguing that initiating liquidation proceedings…
