The Supreme Court on Monday directed parties to maintain status quo on the liquidation of Bhushan Power and Steel Ltd (BPSL), following a plea by JSW Steel to keep the liquidation proceedings in “abeyance.”
JSW argued that initiating liquidation would be “fatal” to the company and adversely affect other stakeholders, including lenders and workers.
A bench of Justices B V Nagarathna and Satish Chandra Sharma said liquidation of the BPSL might jeopardise the review petition, which was to be filed by JSW Steel Limited. “Without expressing any opinion at this stage, we are of the view that it would be in the interest of justice if status quo is maintained on the proceedings pending in NCLT,” the bench said.
This comes after the apex…
