REWRITING RESOLUTION: SUPREME COURT RECALLS BHUSHAN STEEL LIQUIDATION RULING
Supreme Court has overturned its own ruling on liquidation of Bhushan Steel and Power Limited (BSPL), overturning the order in which it had quashed a Rs 19,300 crore resolution plan by JSW Steel. A new bench after hearing the review petition by JSW Steel and other stakeholders decided that the earlier judgment had not given due consideration to legal precedents and it was an appropriate case where there should be a fresh hearing. The case is now to be heard upon re-argument: all legal questions are left open to argument.