SC orders status quo on Bhushan Power liquidation
The Supreme Court of India ordered a status quo on liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), pending the verification of the review petition to be filed by JSW Steel. The court asked JSW Steel to file the petition within the prescribed limitation period.
A Supreme Court bench, comprising Justice B.V. Nagarathna and Justice Satish Chandra Sharma, passed an order directing status quo in the liquidation proceedings of BPSL, currently pending before the National Company Law Tribunal (NCLT).
The direction was issued in Special Leave Petition filed by JSW Steel Ltd bearing Diary No. 29406/2025, seeking abeyance of any further hearing applications filed before the erstwhile promoter to expedite liquidation proceedings pending before Ld. NCLT.
The Apex Court observed that as the limitation period for filing a review petition against the Supreme Court's earlier judgment dated May 2, 2025 (which rejected JSW's Rs 19,700 crore resolution plan for BPSL) was still running, and in light of this, a status quo on proceedings before the Ld. NCLT was required so that practical ramifications of the judgment may not be further complicated.
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