A Special Bench of the Supreme Court headed by Chief Justice of India B.R. Gavai on Thursday recalled a May 2 verdict of the court which rejected a resolution plan submitted by JSW Steel for Bhushan Power and Steel Ltd. (BPSL).
The apex court judgment had further ordered the liquidation of BPSL to commence.
However, on Thursday, the Bench decided to hear the case afresh. It was of the prime facie view that the judgment in May, authored by Justice Bela Trivedi (now retired), had not clearly appreciated the legal position in the case.
“Prima facie, we are of the view that the judgment did not correctly consider the legal position laid down in a catena of judgments,” the Bench noted.
It said various factual aspects had to be taken into consideration in the case.
