SC Pauses Bhushan Steel Liquidation Proceedings

JSW moved the court to halt the liquidation saying it'd be harmful to the company

- Press Trust of India

NEW DELHI: The Supreme Court on Monday ordered status quo on the liquidation proceedings of Bhushan Steel and Power Ltd (BPSL) before the National Company Law Tribunal.

A bench of Justices B V Nagarathna and Satish Chandra Sharma said liquidation of BPSL might jeopardise the review petition, which was to be filed by JSW Steel Limited. "Without expressing any opinion at this stage, we are of the view that it would be in the interest of justice if status quo is maintained on the proceedings pending in NCLT. We also record the submission of the senior counsel for the appellant that the review petition shall be filed prior to the expiry of the limitation period and in accordance with the law," the bench said.