The Supreme Court on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), granting relief to JSW Steel Ltd and allowing the company to file a review petition against the court’s 2 May verdict that quashed its ₹19,300 crore resolution plan.
A bench comprising Justices B.V. Nagarathna and Satish Chandra Sharma directed the National Company Law Tribunal (NCLT) to keep the matter pending until the apex court decides on the review plea.
The court asked JSW Steel to file the petition within the prescribed limitation period.
The time limit to file a review petition in the Supreme Court is 30 days and governed by Article 137 of the Constitution of India, along with Order XLVII Rule 1 of the Supreme…
