BPSL takeover by JSW Steel: Supreme Court stays high court rulinghttps://indianexpress.com/article/business/companies/bpsl-takeover-by-jsw-steel-supreme-court-stays-high-court-ruling-5813876/

BPSL takeover by JSW Steel: Supreme Court stays high court ruling

Expressing surprise on how the Punjab and Haryana High Court had intervened in the resolution process of BPSL, a bench led by Justice RF Nariman stayed the HC order that had asked the committee of creditors (CoC) and the NCLT to consider the objections raised by the former directors of the company before finalising any resolution plan.

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“Acts like this must be frowned upon and dealt sternly,” Justice Nariman said, staying the HC’s April 18 order.

The Supreme Court on Wednesday paved the way for the Delhi bench of the National Company Law Tribunal (NCLT) to pronounce its orders on approval of JSW Steel’s Rs 19,350-crore bid for debt-ridden Bhushan Power and Steel (BPSL), which is under insolvency process.

Expressing surprise on how the Punjab and Haryana High Court had intervened in the resolution process of BPSL, a bench led by Justice RF Nariman stayed the HC order that had asked the committee of creditors (CoC) and the NCLT to consider the objections raised by the former directors of the company before finalising any resolution plan.

“Acts like this must be frowned upon and dealt sternly,” Justice Nariman said, staying the HC’s April 18 order. —FE