Supreme Court Reconsiders Controversial Liquidation Verdict on Bhushan Power & Steel
The Supreme Court has withdrawn its earlier May verdict that ordered the liquidation of Bhushan Power & Steel Limited (BPSL), renewing interest in JSW Steel's resolution plan. The court highlighted errors in the previous judgment and aimed to reconsider the case, emphasizing the impact on 25,000 workers employed by BPSL.
- Country:
- India
In a pivotal move, the Supreme Court has reversed its controversial May 2 verdict that had mandated the liquidation of Bhushan Power & Steel Limited (BPSL), overturning the resolution plan proposed by JSW Steel Limited.
The bench, led by Chief Justice B R Gavai, noted that the earlier decision penned by then Justice Bela M Trivedi failed to accurately interpret legal precedents and assessed misplaced factual arguments.
Advocates pointed out the damaging potential of this judgment, stressing the resolution plan's approval by 97.75% of creditors and its critical role in BPSL's revival, which provides jobs to 25,000 workers.
(With inputs from agencies.)
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