New Delhi, May 26 -- The Supreme Court on Monday ordered status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL) before the National Company Law Tribunal (NCLT), following a petition by JSW Steel.
The top court's order comes weeks after it rejected JSW's Rs 19,700 crore resolution plan for BPSL on May 2.
A bench comprising justices BV Nagarathna and Satish Chandra Sharma directed that no further steps be taken in the liquidation process until JSW's time to file a review petition expires. The court noted that any movement towards liquidation could potentially prejudice JSW Steel's right to seek a review of the judgment.
Senior advocate Neeraj Kishan Kaul, appearing for JSW Steel, informed the bench that the deadlin...