SC orders status quo on NCLT proceedings in Bhushan Steel and Power liquidation case

New Delhi: The Supreme Court on Monday ordered status quo on the liquidation proceedings against 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 the 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," the bench said. On May 2, the top court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).