By MS Sahoo Former chairperson, Insolvency and Bankruptcy Board of India
In a landmark ruling on May 2, the Supreme Court of India ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) while disposing of an appeal filed in 2020. The court found grave irregularities, some intentional and collusive, in the approval and implementation of the resolution plan, attributing lapses to the Resolution Professional (RP), the successful Resolution Applicant (RA), the Committee of Creditors (CoC), the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT).
The judgment has since dominated headlines and ignited an intense debate. Supporters have welcomed the verdict, asserting that the integrity of…
