Ex-Promoter Of Bhushan Power Moves NCLT To Enforce Supreme Court's Liquidation Order
Sanjay Singal, the former promoter of Bhushan Power and Steel Ltd (BPSL), has approached the National Company Law Tribunal (NCLT), Delhi, urging it to enforce the Supreme Court's recent order which directed liquidation of BPSL. On May 2, the Supreme Court set aside JSW Steel's ₹19,700 crore resolution plan, holding that it failed to comply with Sections 30(2) and 31(2) of the...
Sanjay Singal, the former promoter of Bhushan Power and Steel Ltd (BPSL), has approached the National Company Law Tribunal (NCLT), Delhi, urging it to enforce the Supreme Court's recent order which directed liquidation of BPSL.
On May 2, the Supreme Court set aside JSW Steel's ₹19,700 crore resolution plan, holding that it failed to comply with Sections 30(2) and 31(2) of the Insolvency and Bankruptcy Code (IBC). The Supreme Court had ordered liquidation under Section 33 of the IBC.
In his petition, Singal asked the NCLT to give full effect to the order of the Supreme court and initiate the liquidation process as per by the IBC.