SC orders status quo on Bhushan Power liquidation

The court's decision has granted relief to JSW Steel, allowing the firm to file a review petition

- Krishna Yadav & Priyanka Gawande

The Supreme Court (SC) on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), granting relief to JSW Steel Ltd and allowing the company to file a review petition against the court's 2 May verdict that had quashed its ₹19,300 crore resolution plan.

A bench comprising Justices B.V. Nagarathna and Satish Chandra Sharma directed the National Company Law Tribunal (NCLT) to keep the matter pending until the apex court decides on JSW Steel's review plea. "Without expressing any opinion at this juncture, we find that the interest of justice will be served if status quo is maintained in the proceedings pending before the NCLT," Justice Nagarathna said. "We clarify that this order of status quo will operate until the consideration of the review petition."

The court asked JSW Steel to file the petition within the prescribed limitation period, which is 30 days.