Former BPSL promoters argue against liquidation in SC

On Thursday, a special bench of the Supreme Court, headed by the Chief Justice of India, BR Gavai, began to review a decision of the May 2 court, which rejected a decision plan presented by JSW Steel for Bhushan Power and Steel Ltd (BPSL).

The Apex court also ordered the decision to start the liquidation of BPSL.

The senior defender Dhruv Mehta, who appeared for the former supporters of BPSL, called against the liquidation, and JSW’s solution plan was found to be a new corporate bankruptcy -solving process.

Lawyer General Tushar Mehta said that there is no job ”that appeared for the Creditors Committee and questioning the conditions of the former promoters’ decision plan.

On May 26, the APEX Court ordered status quo in the liquidation procedures in front of the National Company Law Court. The court has exceeded the status quo order to give time to JSW to submit time to submit a review.

At that time, the court said that the status quo should reign for BPSL for the benefit of justice and avoid future complications.

JSW argued that the case was complex and should not be liquidated. Senior Attorney Neeraj Kishan Kaul reported to the court for JSW that BPSL was an annual RS turnover. 28,000 crore in a year. Its production rose from 2.5 meters to 4.5 metric tons. 25000 people were employed.

On May 2, the Supreme Court found JSW’s decision plan for the BPSL as a “ugly violation and violation of the law.

The Supreme Court, “Decision Specialist, Bankruptcy and Bankruptcy Law (IBC) and Corporate Bankruptcy Decision Process (CIRP) regulations, the corporate debtor BPSL’nin all the legal duties envisaged during all CIR transactions did not fully fulfill.”

The Court called NCLT its natural powers in accordance with Article 142 of the Constitution in order to direct NCLT to initiation of liquidation procedures against BPSL within the scope of IBC.