NCLT adjourns Bhushan Power & Steel insolvency case hearing to May 26
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New Delhi: The National Company Law Tribunal, on Wednesday, deferred the hearing of Bhushan Power and Steel Limited 's (BPSL) insolvency case to May 26. The NCLT sought the assistance of the counsels appearing in the case to implement the Supreme Court's judgment.Earlier this month, the Supreme Court scrapped JSW Steel 's ₹19,700-crore acquisition of BPSL completed four years ago, citing "gross violation" of the Insolvency and Bankruptcy Code (IBC), and ordered the liquidation of the company.The top court has observed violations of norms or processes by key stakeholders - JSW Steel, the committee of creditors, and the resolution professional.Emphasising that NCLT has to operate within the findings of the SC and its role is limited, NCLT president, Justice Ramalingam Sudhakar, asked the counsels: "How do you want to address this? Are you reviewing this? The decision, he said is very clear. "It (SC) says NCLT, NCLAT, please strictly obey our orders. So, we have to be doubly careful," Sudhakar said.He also posed a question regarding the management of BPSL."Someone has to take control, or there has to be something to safeguard the state of Corporate Debtor?" he asked.
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