SC stays high court ruling, clears deck for NCLT order on Bhushan Power
The Supreme Court on Wednesday stayed an order of the Punjab and Haryana High Court in which it had asked the Committee of Creditors (CoC) of Bhushan Power and Steel Limited and the National Company Law Tribunal (NCLT) to consider the objections raised by the former directors of the company before finalising any resolution plan. The directions by the high court were issued despite the Principal Bench of NCLT at New Delhi having already reserved its judgment on a resolution plan for Bhushan Power, submitted by JSW Steel.
On April 18, a former director of Bhushan Power Ravi Parkash Goyal approached the high court with a plea that he had neither been heard by the CoC of Bhushan Power nor been heard appropriately by the lender or the NCLT. The high court, after hearing Goyal’s petition, had directed that Bhushan Power CoC give him a fresh hearing and that the NCLT first decide on the issue of why he was not provided with the resolution plan despite clear orders in this regard from the Supreme Court in other cases.
