The Supreme Court on Thursday recalled it’s May 2 order, which rejected JSW Steel’s Rs 19,700 crore resolution plan for Bhushan Power and Steel Limited on grounds of violation of Sections 30(2) and 31(2) of the Insolvency and Bankruptcy Code (IBC).
The Bench of Chief Justice BR Gavai and Justice Satish Chandra Sharma prima facie observed that the May 2 judgment did not appear to be in consonance with the settled precedents, as well as the legal position laid down in previous verdicts.
Besides, various incorrect factual aspects were also taken into consideration, as also the arguments which were not advanced, it noted.
The Apex Court decided to take up the matter again,…