Supreme Court to Review Liquidation Verdict in Bhushan Steel and Power Case
The former promoters of Bhushan Steel and Power Ltd request a Supreme Court open hearing for reviewing a verdict to liquidate the company under the Insolvency and Bankruptcy Code. The court's earlier decision set aside JSW Steel's resolution plan, critiquing procedural lapses in the insolvency process.
- Country:
- India
In a new development, the former promoters of Bhushan Steel and Power Ltd have appealed to the Supreme Court for an open court hearing. They are challenging the May 2 decision that ordered the liquidation of the company under the Insolvency and Bankruptcy Code (IBC).
The original verdict by the apex court had nullified a resolution plan put forth by JSW Steel, highlighting significant violations of IBC procedures. Senior advocate Vikas Singh, representing the former promoters, called for a review hearing on Monday, emphasizing concerns over the undervaluation of the company's assets.
The court's decision was criticized for procedural missteps by various stakeholders, including JSW Steel and the Committee of Creditors (CoC). The bench accused these parties of neglecting the IBC's statutory duties, marking a complex chapter in India's corporate insolvency landscape.
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