Insolvency Guardian Media Centre
New Delhi, May 2 (PTI) In a significant verdict, the Supreme Court on Friday set aside a resolution plan submitted by JSW Steel Limited for Bhushan Steel and Power Limited (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).
A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.
The top court criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) — for enabling what it termed a “flagrant violation” of the IBC.
Writing a 105-page judgment for the bench, Justice Trivedi criticised…
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Liquidation order to be appealed by director Post Wellington
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Liquidation order to be appealed by director Stuff
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Jennyfer, a French fast-fashion chain catering to teens and young women, has filed for court-ordered liquidation after four decades in business. The ruling came on April 30 from the Bobigny commercial court, following a request from company management due to persistent financial hardship. The decision had already been shared with employee representatives the evening prior, as reported by FashionNetwork.com. Operations will continue until May 28, with interested buyers invited to submit partial or full acquisition offers by May 13.
Founded in 1985, Jennyfer gained popularity across France for its trend-driven, affordable…
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New Delhi, May 2 (PTI) JSW Steel on Friday said it will review the Supreme Court order rejecting the company’s resolution plan to take over Bhushan Steel and decide on future course of action.
Earlier in the day, the Supreme Court set aside the resolution plan submitted by JSW Steel for Bhushan Steel and Power Ltd (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).
“We learnt that the Hon’ble Supreme Court pronounced Judgment today i.e 02-05-2025 rejecting the resolution plan submitted by the company and approved by NCLAT, on certain grounds. We are yet to receive the formal copy of the Order to understand the grounds for rejection in detail and its implications,” the company said in…
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The Supreme Court on Friday set aside the resolution plan submitted by JSW Steel Ltd for the Bhushan Steel and Power Ltd (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.
The top court criticised the conduct of all key stakeholders in the resolution process – the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) – for enabling what it termed a “flagrant violation” of the IBC.
JSW Steel Ltd, in a regulatory filing to National Stock…
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The National Company Tribunal (NCLT), Mumbai Bench comprising of Ms. Lakshmi Gurung (Member (Judicial) and Shri Anil Raj Chellan (Member (Technical) disposed a Section 60(5) application filed by the Applicant against the approval of the Resolution Plan, stating that the same lacked the desired voting percentage to be approved as a resolution plan.
Background
The following case has filed by the Applicant, who is the Shareholder and Suspended Director of the Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Applicant, namely, Mr. Rohit Jindal, is the suspended director of the Corporate Debtor (Shree Bhimeshwari Ispat Private Limited). Oriental Bank of Commerce filed a Section 7…
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