Resolution process: Govt must address emerging gaps in the IBC framework

Even as the matter is being heard in the court, the government would be well advised not to ignore the earlier judgment

“Prima facie, we are of the view that the impugned judgment does not correctly consider the legal position as has been laid down by a catena of judgments,” remarked last week a Supreme Court Bench comprising Chief Justice of India B R Gavai and Justice Satish Chandra Sharma. It recalled the May 2 apex court judgment that declared the resolution plan for Bhushan Power & Steel Ltd (BPSL) illegal and ordered its liquidation. In the Supreme Court, something like this doesn’t happen often, but this extraordinary situation needed extraordinary action. The May 2 judgment had caused considerable discomfort, not only