- The May 2 verdict had set aside JSW Steel's resolution plan for BSPL as illegal under the IBC
- The bench found the earlier judgment failed to correctly consider legal precedents and factual aspects
- The court ordered fresh hearings on the review petitions and scheduled them for next Thursday
The Supreme Court on Thursday recalled its May 2 verdict, which had ordered the liquidation of Bhushan Steel and Power Limited (BSPL).
The top court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).
A bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma heard a batch of review petitions and said that they needed to be heard afresh as the impugned judgment did not consider the legal position correctly.
"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."
"This is a fit case wherein judgment under review needs to be recalled and the matter is to be considered afresh," the bench ordered and fixed the pleas for hearing on next Thursday.
On May 2, a bench headed by Justice Bela M Trivedi, since retired, set aside the resolution plan of JSW Steel Limited for Bhushan Steel and Power Limited (BSPL).
The top court 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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