SC stays high court ruling, clears deck for NCLT order on Bhushan Power

Punjab and Haryana HC had asked firm's CoC and NCLT to give firms' ex-directors a hearing though principal bench of NCLT had already reserved its order on a resolution plan by JSW Steel

The Supreme Court on Wednesday stayed an order of the Punjab and Haryana High Court in which it had asked the Committee of Creditors (CoC) of Bhushan Power and Steel Limited and the National Company Law Tribunal (NCLT) to consider the objections raised by the former directors of the company before finalising any resolution plan. The directions by the high court were issued despite the Principal Bench of NCLT at New Delhi having already reserved its judgment on a resolution plan for Bhushan Power, submitted by JSW Steel.