The Supreme Court on Monday ordered status quo on proceedings pending before the National Company Law Tribunal (NCLT) for the liquidation of Bhushan Power and Steel Ltd (BPSL).
A bench of Justices B V Nagarathna and Satish Chandra Sharma issued the direction after noting that the limitation period is not yet over for JSW Steel Ltd to seek a review of the apex court’s May 2 order. As per the order, the top court had rejected the steel major’s Rs 19,000 crore bid to acquire BPSL through the Corporate Insolvency Resolution Process (CIRP) route, and ordered liquidation of the company.
Appearing for JSW Steel, Senior Advocate N K Kaul said that it had time till June 2 to file the review but even before it was over, the NCLT was going…
