The Supreme Court also ordered the Court of the Law of National Companies to initiate liquidation procedures against BPSL. | Photo credit: Shashi Shekhar Kashyap
The Supreme Court, in a sentence, rejected on Friday the resolution presented by JSW Steel for Bhushan Power and Steel Ltd (BPSL).
The Court of Appeal of the National Companies Law had previously approved the Resolution Plan.
“The sentence approved by the NCLAT by allowing the appeal of the JSW company and issuing the instructions without any authority of the law and without jurisdiction is perverse, Coram not Judice And possibility of being left aside, “said a bank headed by Judge Bela M. Trivedi.
The Court considered the resolution plan in “flagrant and contravention violation” of the law.
“The resolution professional had completely failed to download their legal duties contemplated under the insolvency and bankruptcy code (IBC) and the regulation of the corporate insolvency resolution process (CIRP) during the course of the complete procedures of the corporate debtor, BPSL,” concluded the Supreme Court.
The Court invoked its inherent powers by virtue of article 142 of the Constitution to lead the National Companies Law to initiate procedures against the BPSL under the IBC and in accordance with the law.
Falted cocon
The Court criticized the creditors committee (COC) to accept the resolution plan. The Court also ordered the Court of the National Companies Law to initiate Liquidation Procedures against BPSL.
“The Coc Had Failed to Exercise ITS Commercial While Approving the Resolution Plan of the Jsw, Which was in Absolute Contvention of the Mandatory Provisions of IBC and Cirp Regulations. TAKING ,, AND TAKING TAKING TAKING ,, AND TAKING TAKING TAKING ,, AND TAKING TAKING ,, AND TAKING TAKING TAKING ,, AND TAKING TAKING ,, AND TAKING TAKING ,, AND TAKING TAKING, AND , and taking Ting’s ,, and taking Orthoyyyyyyyyyytory, JSW without any demurrent, and supporting JSW to implement his bad movement of the creditors, “justice, justice, justice, which justice said.
Even to receive order: JSW
In a statement, JSW Steel spokesman said that “he learned that the Supreme Court of Hon’ble pronounced a ruling on May 2 that rejected the plan of resolution approved by NClat for certain reasons.” The statement said that JSW would decide his future course of action after reviewing the sentence with his legal advisors.
Posted on May 2, 2025