Sanjay Singal, the erstwhile promoter of Bhushan Power and Steel (BPSL), has filed an application before the National Company Law Tribunal (NCLT) Delhi, seeking directions to implement the Supreme Court‘s recent verdict that quashed the JSW Steel resolution plan for BPSL and directed initiation of liquidation proceedings.
The application comes after the Supreme Court’s judgment of May 2, which set aside both the NCLT’s approval order and the National Company Law Appellate Tribunal (NCLAT)’s nod, of JSW’s ₹19,700 crore resolution plan for BPSL.
The apex court, in its order said that the resolution plan was not in conformity with the provisions of Sections 30(2) and 31(2) of the Insolvency and Bankruptcy Code (IBC), and ordered the initiation of liquidation proceedings under Section 33 of the Code. The judgment has directed the NCLT to act in accordance with the liquidation process of the IBC.
In his application, Singal has requested the Tribunal to take on record the Supreme Court’s ruling and issue necessary directions to give effect to the verdict.
