Day 30
JudiciarySkim2025-05-02
SC Orders Liquidation of Bhushan Power
What Happened
A two-judge bench of the Supreme Court invoked Article 142 to order the liquidation of Bhushan Power and Steel, rejecting a resolution plan previously approved by the NCLT. This decision bypassed the commercial wisdom of the Committee of Creditors before being eventually reversed by a larger bench.
Why It Matters
The case highlights the tension between judicial intervention and the Insolvency and Bankruptcy Code (IBC) framework, raising concerns about the predictability of India's debt resolution process.
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