New Delhi, May 5 -- In a landmark ruling, the Supreme Court has ordered the liquidation of Bhushan Power and Steel Ltd (BPSL) and rejected the 2019 resolution plan submitted by JSW Steel.

The Court, comprising Justices Bela M. Trivedi and Satish Chandra Sharma, found the plan to be "illegal" and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC).

In its order, the Supreme Court said, "The Resolution Plan of JSW as approved by the CoC (Committee of Creditors) stands rejected, being not in conformity with the provisions contained in sub-section (2) of Section 30, read with sub-section (2) of Section 31 of the Insolvency and Bankruptcy Code (IBC)."

Section 30 (2) deals with the Resolution Professional's duty to examine...