The Supreme Court on May 26 passed an order directing status quo in the liquidation proceedings of Bhushan Power & Steel Ltd (BPSL) currently pending before the National Company Law Tribunal (NCLT). The direction was issued by a bench of Justice BV Nagarathna and Justice Satish Chandra Sharma after hearing a petition filed by JSW Steel, whose resolution plan for BPSL was rejected by the Supreme Court on May 2.
The bench was hearing a special leave petition filed by JSW Steel Ltd seeking abeyance of any further hearing applications filed be erstwhile promoter to expedite liquidation proceedings pending before NCLT.
The court observed that as the limitation period for filing a review petition against the Supreme Court’s earlier…
