COC Opposes in SC Plea of Ex-Promoters

The committee of creditors (CoC) of ailing Bhushan Power & Steel Limited (BPSL) on Friday opposed in the Supreme Court the plea by former promoters by questioning the maintainability.

- CORRESPONDENT

Solicitor General Tushar Mehta, representing the CoC, made submissions before a bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran.

The bench is hearing afresh on a batch of pleas related to its May 2 judgment ordering liquidation of BPSL while setting aside JSW Steel's resolution plan.

The CJI-led bench on July 31 recalled the verdict and decided to hear afresh the pleas in the matter.

The verdict had criticised the conduct of all key stakeholders in the resolution process, the resolution professional, the CoC and the NCLT for enabling what it termed a "flagrant violation" of the IBC.