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SC flags RP's failures in Bhushan Power and Steel's insolvency plan
Supreme Court cites non-compliance by resolution professional in Bhushan Power case, declaring JSW Steel's plan illegal and urging greater due diligence under IBC
Dev Chatterjee Mumbai
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The Supreme Court has cited serious lapses by the resolution professional (RP) of Bhushan Power and Steel and non-disclosure of key information, in a verdict that could reshape the due diligence process under the Insolvency and Bankruptcy Code (IBC), say legal experts.
The apex court ruled that the resolution plan was 'illegal' due to the failure of resolution professional Mahender Kumar Khandelwal to submit mandatory compliance certifications, including Form H — a crucial requirement under Regulations 39(4) and 39(6) of the Corporate Insolvency Resolution Process (CIRP) Regulations. The court stated that the omission was not procedural but a material lapse
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