New Delhi, May 28 -- The National Company Law Tribunal (NCLT) on Tuesday deferred liquidation proceedings for Bhushan Power and Steel Ltd (BPSL) till August, after a May 26 Supreme Court order directing status quo. "In the wake of the Supreme Court order, hearing stands deferred till 1 August," the NCLT-Delhi said. The Supreme Court on Monday granted interim relief to JSW Steel, which sought pause on BPSL's liquidation to file a review petition challenging the top court's May 2 verdict. That ruling quashed JSW's Rs.19,300 crore resolution plan for the bankrupt steel company and ordered its liquidation. The Supreme Court allowed JSW Steel to file the petition within the statutory limitation period, noting that continuing liquidation can jeopardise the review. Accordingly, the NCLT was directed to maintain the status quo until further orders. The top court also indicated that the review petition is likely to be heard after the court's summer vacation, once filed. The newly constituted NCLT bench-comprising Justice Ashok Kumar Bhardwaj (judicial member) and Reena Sinha Puri (technical member)-will hear various petitions related to the case. These include one filed by former promoter Sanjay Singhal, seeking enforcement of the apex court's 26 May order. The new bench took over the case after NCLT president Justice Ramalingam Sudhakar, whose bench had earlier been hearing the case, decided to reassign the matter. Mint earlier reported how, during an open court hearing, the NCLT president raised concerns about the shortage of available members to revisit such a complex, high-stakes insolvency matter-especially one that had been settled nearly five years ago. With dues exceeding Rs.47,200 crore, BPSL was among the first 12 large loan defaulters which were identified by the Reserve Bank of India (RBI) in 2017 to be sold or liquidated under the Insolvency and Bankruptcy Code (IBC). JSW Steel's Rs.19,300 crore resolution plan was approved by the NCLT in September 2019 and was also upheld by the National Company Law Appellate Tribunal (NCLAT) in February 2020. However, on 2 May 2025, the Supreme Court struck down the resolution plan, acting on petitions filed by Singhal and certain operational creditors. The court cited material non-compliance with key provisions of the IBC-particularly the failure to strictly implement the plan within the approved timeline-as grounds for its decision....