NCLT Puts Bhushan Liquidation on Hold Till August

The National Company Law Tribunal (NCLT) on Tuesday deferred liquidation proceedings for Bhushan Power and Steel Ltd (BPSL) till August, after a May 26 Supreme Court order directing status quo.

- Krishna Yadav

NEW DELHI:

"In the wake of the Supreme Court order, hearing stands deferred till 1 August," the NCLT-Delhi said.

The Supreme Court on Monday granted interim relief to JSW Steel, which sought a pause on BPSL's liquidation to file a review petition challenging the top court's May 2 verdict.

That ruling quashed JSW's ₹19,300 crore resolution plan for the bankrupt steel company and ordered its liquidation.

The Supreme Court allowed JSW Steel to file the petition within the statutory limitation period, noting that continuing liquidation can jeopardise the review.

Accordingly, the NCLT was directed to maintain the status quo until further orders.