The Supreme Court on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel (BPSL) at the National Company Law Tribunal (NCLT), offering a temporary reprieve to JSW Steel. The apex court’s directive means the NCLT is expected to defer its hearing on the liquidation until a review petition by JSW is filed and considered.
A bench comprising Justices BV Nagarathna and Satish Chandra Sharma directed JSW Steel to submit its review petition before the expiry of the statutory limitation period, ending June 2. The court made it clear that it was not taking a position on the merits of the matter at this stage but noted that proceeding with liquidation could undermine the forthcoming review.
JSW Steel moved…
