New Delhi: The Supreme Court on Friday ordered the liquidation of cash-strapped Bhushan Power and Steel Limited (BPSL), holding that JSW Steel’s resolution plan for the bankrupt company was not in consonance with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
A bench of Justices Bela Trivedi and S.C. Sharma came down heavily on the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) for undermining the very objectives of the IBC, which includes time-bound resolution of insolvency and maximisation of asset value, and and its associated regulations.
The Justice Trivedi-led Bench ruled that JSW Steel’s resolution plan did not protect the interest of…
