The apex court docket judgment had additional ordered the liquidation of BPSL to begin.
Appearing for the previous promoters of BPSL, senior advocate Dhruv Mehta urged in opposition to the liquidation and sought a recent company insolvency decision course of to be initiated if JSW’s decision plan was discovered defective.
Solicitor General Tushar Mehta, showing for the Committee of Creditors, mentioned the ex-promoters had “no enterprise” questioning the phrases of the decision plan.
On May 26, the apex court docket had ordered established order within the liquidation proceedings earlier than the National Company Law Tribunal. The court docket had handed the order of established order on liquidation to provide JSW time to file a overview petition.
The court docket had, on the time, mentioned established order should prevail for BPSL within the curiosity of justice and to keep away from future issues.
JSW had argued that the case was difficult, and should not be rushed into liquidation. Senior advocate Neeraj Kishan Kaul, for JSW, had knowledgeable the court docket that BPSL had an annual turnover of Rs. 28,000 crore in a single 12 months. Its manufacturing had elevated from 2.5 metric tonnes to 4.5 metric tonnes. The concern employed 25000 folks.
On May 2, the Supreme Court had discovered JSW’s Resolution Plan for BPSL in “flagrant violation and contravention” of the regulation.
“The Resolution Professional had totally did not discharge his statutory duties contemplated underneath the Insolvency and Bankruptcy Code (IBC) and the Corporate Insolvency Resolution Process (CIRP) Regulations through the course of complete CIR proceedings of the company debtor, BPSL,” the Supreme Court had concluded.
The court docket had invoked its inherent powers underneath Article 142 of the Constitution to direct the NCLT to provoke liquidation proceedings in opposition to the BPSL underneath the IBC.
Published – August 08, 2025 05:15 am IST
