JSW Steel files review petition on SC verdict in Bhushan Power case

Don't want to miss the best from Business Standard?

JSW Steel filed a petition on Wednesday seeking a review of the Supreme Court (SC) order rejecting its resolution plan for debt-laden Bhushan Power and Steel (BPSL).

 

In a filing with the stock exchanges, the company said it filed a review petition before the Supreme Court on June 25, related to the judgment dated May 2.

 

Lenders of BPSL, including State Bank of India and Punjab National Bank, have already filed review petitions against the judgment.

 

In its May 2 ruling, the SC rejected JSW Steel’s resolution plan for BPSL and ordered its liquidation. This came four years after BPSL was acquired by JSW Steel under the Insolvency and Bankruptcy Code. 

 

Following the judgment, an interlocutory application was filed by the erstwhile promoter of BPSL before the National Company Law Tribunal, Principal Bench, New Delhi, seeking implementation of the apex court’s ruling.

 

JSW Steel then filed a special leave petition before the Supreme Court, challenging the NCLT orders — inter alia, on the ground that the limitation period available for filing a review of the SC judgment had not expired.

 

On May 26, the SC directed a “status quo” regarding the proceedings before the NCLT. It directed that the status quo order would remain in effect pending the disposal of the review petition to be filed by the company and considered by the SC.

 

The apex court reopens after the summer recess on July 14.