NCLT adjourns hearing on Bhushan Power-Steel's promoter plea for a month

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NCLT adjourns hearing on Bhushan Power-Steel's promoter plea for a month - Business Standard

Quick Summary:

Singhal has approached the National Company Law Tribunal (NCLT), seeking enforcement of the order passed by the Supreme Court, which had on May 2 quashed the Rs 19,700 crore resolution plan from Sajjan Jindal-led JSW Steel.

The NCLT on Tuesday adjourned its hearing over a petition filed by Sanjay Singhal, former promoter of debt-ridden Bhushan Power & Steel Ltd (BPSL), to June 26.

Setting aside the previous order passed by the tribunal, the apex court had directed initiation of liquidation of BPSL, as per the provisions of the Insolvency & Bankruptcy Code.