Supreme Court Orders Status Quo on Bhushan Power Liquidation

The Supreme Court issued a directive to maintain the status quo on the liquidation proceedings of Bhushan Steel and Power Ltd (BPSL) before the National Company Law Tribunal (NCLT).

The bench, comprised of Justices B V Nagarathna and Satish Chandra Sharma, underscored that any liquidation might affect JSW Steel's upcoming review petition.

Solicitor General Tushar Mehta suggested the matter be postponed to June 10, taking into account all stakeholders' interests. Previously, the NCLT had ordered BPSL's liquidation, following alleged non-compliance with the Insolvency and Bankruptcy Code by JSW Steel.

(With inputs from agencies.)