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.
The Delhi High Court has issued a contempt notice to BluSmart, Gensol, and others for allegedly violating a court order regarding 10 Tata Tigor EVs. Shefasteq claims the companies obstructed efforts to locate the vehicles and failed to provide required information. Legal proceedings involving Gensol have escalated amid serious allegations from SEBI.
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.
The Supreme Court of India annulled JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel, declaring it illegal due to violation of Insolvency and Bankruptcy Code norms. The court ordered BPSL’s liquidation, emphasizing that delays and non-compliance undermine the IBC’s objectives, despite previous approvals by NCLT and NCLAT.
The Karnataka High Court has directed the preservation of all emails and communications related to Byju’s insolvency case, stating, “Preserve all emails.” The interim order came in response to a petition by Byju Raveendran, aiming to secure crucial digital evidence amid ongoing proceedings under the Insolvency and Bankruptcy Code (IBC).
The CBI will investigate allegations of bribery involving lawyers seeking a favourable NCLT order. A firm’s director filed a complaint against Mahi Bhat and Akshat Ketan, the proprietor of AU Corporate Advisory and Legal Services. They allegedly demanded a bribe in exchange for securing a favorable ruling. The case is now under CBI scrutiny.
The NCLT rejected Akshay Kumar’s insolvency plea against Cue Learn, stating the claim did not constitute operational debt under the IBC. Kumar’s assertion of an unpaid endorsement agreement was deemed invalid due to a contractual breach. The tribunal emphasized that such disputes belong in civil court, not insolvency proceedings, distinguishing between contract claims and actual insolvency issues.
The Bombay High Court imposed fine on a litigant Rs.5 lakh for challenging the law that gives immunity to judges. The Court said her claims against two NCLT members were false and not supported by evidence. It also found no good reason to consider her petition. The fine was imposed for misusing the legal process.