Supreme Court stays liquidation of Bhushan Power & Steel
NEW DELHI:
Supreme Court
on Monday stayed the liquidation process for Bhushan Power & Steel (BPSL) before NCLT and ordered to maintain status quo after
JSW Steel
, whose resolution plan was rejected by SC, told the court that it was filing a review petition against the order.
As JSW's limitation period for filing a review against the SC judgment is not yet over, a bench of Justices B V Nagarathna and Satish Sharma said the status quo was needed to avoid future complications as the liquidation of the company might jeopardise the review petition, which is yet to be filed by JSW.
For JSW, senior advocate Neeraj Kishan Kaul said the NCLT was rushing in the case even before the company's review plea is decided, and if liquidation is allowed, then it would be irreversible.
He said JSW has time till June 2 to file the review. "If a liquidator is appointed, we will be in great difficulty. It is a profit-making company and this resolution plan was given four years ago," he said.
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