Supreme Court orders “Status quo" on Pending NCLT Proceedings over JSW Steel Limited [Read Judgement]

Service of Excise Adjudication Order through Post Disputed: Supreme Court dismisses Case lacking Grounds to Interfere [Read Order]

The appellant submitted that the appellant has a right to file a Review Petition against the judgment of the Court dated 02.05.2025 in the case of Kalyani Transco vs. Bhushan Power and Steel Ltd. & Ors. (Civil Appeal No.1808 of 2020) and the limitation period for filing a Review Petition has not yet expired; that steps are being taken to file a Review Petition.

The Supreme Court rejected the Resolution Plan submitted by JSW Steel for Bhushan Steel and Power Ltd holding that the Resolution Plan was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code ( IBC ).The Court ordered the liquidation of Bhushan Steel and Power Ltd.

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However, having regard to the directions issued by the court, the first respondent-ex- promoters are seeking an expeditious implementation of the directions issued by the Court. It was contended that any implementation of those directions, at this stage, would only jeopardise the consideration of the Review Petition to be filed by the appellant herein. In the circumstances, it was urged request for disposal of the Review Petition by the court.

A two judge bench of Justice B. V. Nagarathna and Justice SatishChandra Sharma viewed that the interest of justice would be served and in order to avoid future legal complications in the matter, an order of status quo of the proceedings pending before the National Company Law Tribunal is issued by the Court.

The court issued an order of status quo regarding the proceeding before the National Company Law Tribunal. This judgement of court was on finding that the NCLT, New Delhi failed to pass a judgment.

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