New Delhi, Aug. 1 -- In a significant development, the Supreme Court on Thursday recalled its controversial May 2 verdict that had ordered liquidation of Bhushan Power & Steel Limited (BPSL) while setting aside a resolution plan of JSW Steel Limited for the ailing firm. A bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma observed that the May 2 judgment, authored by Justice Bela M Trivedi, since retired, did not "correctly consider the legal position as has been laid down in the catena of judgments". Earlier, a bench of Justice Trivedi and Justice Satish Chandra Sharma had set aside a resolution plan of applicant JSW Steel Limited for BPSL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). The verdict had criticised the conduct of all key stakeholders in the resolution process, the resolution professional, the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) for enabling what it termed a "flagrant violation" of the IBC. On Thursday, a CJI-led bench said it was inclined to review the earlier judgment, which had quashed JSW Steel's resolution plan for the debt-ridden company. "We are of the view that the impugned judgment does not correctly consider the legal position as has been laid down in the catena of judgments. Apart from that, it is submitted that various factual aspects have been taken into consideration, arguments which were not advanced were also considered though this position is disputed. FULL REPORT ON P9...