Bhushan Power & Steel was first admitted for insolvency proceedings under IBC on July 28, 2017. Not only has the case been in the system for double the time than what is mandated under IBC (270-day extended timeline), but the NCLAT’s order on February 4, that upholds JSW Steel’s bid for Bhushan Power & Steel, has stated that the period from May 7, 2018 till date be excluded for the purpose of counting of the period of 270 days.
