SC recalls Bhushan Steel Liquidation order

Supreme Court: While considering this review petition filed in respect of Supreme Court’s decision dated 2-5-2025 in Kalyani Transco v. Bhushan Power & Steel Ltd., 2025 SCC OnLine SC 1010, whereby the Court had directed the liquidation of Bhushan Steel and rejected the Resolution Plan by JSW; the Division Bench of B.R. Gavai, CJ and Satish Chandra Sharma, J., opined that Kalyani Transco (supra) did not correctly consider the legal position as laid down by several judgments such as- Kalpraj Dharamshi v. Kotak Investment Advisors Ltd., (2021) 10 SCC 401; Ghanashyam Mishra & Sons (P) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd., (2021) 9 SCC 657; Essar Steel India Ltd. (CoC) v. Satish Kumar Gupta, (2020) 8 SCC 531; Swiss Ribbons…