Today, On 31st July, CJI Gavai-led bench recalls May 2 verdict that ordered Bhushan Power & Steel’s liquidation, observing, “Article 142 is to do justice, not to send 25,000 workers on road.” Supreme Court hints at reviewing earlier ruling.
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
US lenders filed involuntary Chapter 11 cases against Byju’s subsidiaries Neuron Fuel Inc., Epic! Creations Inc., and Tangible Play Inc. accusing misappropriation of funds. Byju’s founder is accused of breaching debt agreements. Byju’s US lenders also sought to prevent the company from pledging, selling, or transferring its shares. Byju’s intends to contest the case.