New Delhi: The National Company Law Tribunal, on Wednesday, deferred the hearing of Bhushan Power and Steel Limited‘s (BPSL) insolvency case to May 26. The NCLT sought the assistance of the counsels appearing in the case to implement the Supreme Court’s judgment.
Earlier this month, the Supreme Court scrapped JSW Steel‘s ₹19,700-crore acquisition of BPSL completed four years ago, citing “gross violation” of the Insolvency and Bankruptcy Code (IBC), and ordered the liquidation of the company.
The top court has observed violations of norms or processes by key stakeholders – JSW Steel, the committee of creditors, and the resolution professional.
Emphasising that NCLT has to operate within the findings of the SC and its role is limited,…
