Years
The apex court was hearing a petition filed by JSW Steel challenging the BSPL’s ongoing liquidation process. The senior advocate, appearing for JSW, said that the company is exercising its right to file a review of the earlier decision of the court and the statutory limit period to do so is not yet over.
In an important development in the Bhushan Power and Steel Limited (BPSL) case, the Supreme Court on Monday ordered the National Company Law Tribunal (NCLT) to maintain the status quo on liquidation proceedings, which wanted to file a review petition, which wanted to file a review petition. The apex court was hearing a petition filed by JSW Steel challenging the BSPL’s ongoing liquidation process. The senior advocate, appearing for JSW, said that the company is exercising its right to file a review of the earlier decision of the court and the statutory limit period to do so is not yet over.
The lawyer also informed the court that necessary steps are already being taken to formally submit a review petition. Former BSPL promoters-who are called defendants number 1-were pressurizing for speedy implementation of the earlier directives of the court, which will initiate liquidation proceedings. JSW argued that taking forward the liquidation proceedings before its review petition would adversely affect its legal rights and the petition would be fruitless.
Realizing concerns, the Supreme Court said that a practical solution is necessary to ensure justice. The court said that if the status quo is maintained, without expressing any opinion on the virtue of the case, the interest of justice will be damaged. Accordingly, the bench ordered that the current status quo should be maintained in relation to liquidation proceedings until a review petition is filed and settled. This interim order effectively prevents the liquidation process of the BSPL, giving JSW an opportunity to take legal resort and protect its investment interests.
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