 "Supreme Court, SC")
The Supreme Court citing lapses on the part of the resolution professional of Bhushan Power and Steel Ltd (BPSL) and the non-disclosure of key information could reshape due diligence in bankruptcy recovery, according to legal experts.
The apex court last week, while ordering BPSL’s liquidation, ruled that the resolution plan for the firm, which had been acquired by JSW Steel, was “illegal” owing to the failure of resolution professional (RP) Mahender Kumar Khandelwal to submit mandatory compliance certificates, including Form H, a crucial requirement under the Corporate Insolvency Resolution Process (CIRP).
The court said the omission wasn’t procedural but a
