NCLT Postpones Hearing in Bhushan Power & Steel Liquidation Case Amid Supreme Court Ruling
Sanjay Singhal's petition urging enforcement of a Supreme Court order quashing JSW Steel's resolution plan for Bhushan Power & Steel Ltd was postponed by the NCLT. The court recognized the need to involve multiple stakeholders in the insolvency process. The Supreme Court had criticized JSW Steel for lapses and directed liquidation proceedings.
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In a recent development, the National Company Law Tribunal (NCLT) deferred the hearing of a petition filed by Sanjay Singhal, former promoter of Bhushan Power & Steel Ltd, to June 26. Singhal's appeal seeks enforcement of a Supreme Court order that nullified a Rs 19,700 crore resolution plan by JSW Steel.
The Supreme Court directed liquidation of Bhushan Power & Steel, citing procedural errors by the Committee of Creditors. During the NCLT proceedings, Solicitor General Tushar Mehta emphasized the need for all stakeholders to be heard, leading to the adjournment.
The Supreme Court criticized JSW Steel and the Committee of Creditors for failing to comply with the Insolvency & Bankruptcy Code, prompting NCLT to set the liquidation in motion, as stakeholders consider a fresh corporate insolvency process.
(With inputs from agencies.)
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