India, Aug. 20 -- The Supreme Court ruling annulling its earlier order on the liquidation of Bhushan Steel under Insolvency and Bankruptcy Code (IBC) reignited the debate on the credibility and transparency of the existing corporate debt resolution framework. On May 2, the Supreme Court ordered the liquidation of Bhushan Power and Steel Ltd., marking one of the most significant tests of the IBC since its enactment in 2016. In that order, the court revoked the resolution plan by JSW Steel and directed the National Company Law Tribunal (NCLT) to initiate liquidation proceedings. The order, which was based on the finding that the resolution plan had procedural flaws and violated the IBC, was annulled on July 31. With promoters and creditors ...