New Delhi, May 26 (Reporter) The Supreme Court on Monday ordered status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL) before the National Company Law Tribunal (NCLT), following a petition by JSW Steel. The top court's order comes weeks after it rejected JSW’s Rs 19,700 crore resolution plan for BPSL on May 2. A bench comprising justices BV Nagarathna and Satish Chandra Sharma directed that no further steps be taken in the liquidation process until JSW's time to file a review petition expires. The court noted that any movement towards liquidation could potentially prejudice JSW Steel’s right to seek a review of the judgment. Senior advocate Neeraj Kishan Kaul, appearing for JSW Steel, informed the bench that the deadline to file the review petition is June 2. He raised concerns that the NCLT was proceeding to appoint a liquidator even before JSW’s review window had closed. Emphasizing the complexity of the case and the operational profitability of BPSL, Kaul said, “If a liquidator is appointed, we will be in great difficulty. This resolution plan was given four years ago.” The Supreme Court bench acknowledged that the NCLT proceedings were in compliance with its May 2 directions but decided to halt further steps temporarily in the interest of justice. Solicitor General Tushar Mehta, appearing for the Committee of Creditors (CoC), suggested deferring the NCLT matter until June 10 as a possible solution. Senior Advocate Dhruv Mehta, representing Sanjay Singal, the former promoter of BPSL, opposed JSW's plea. He argued that the current petition was not maintainable as JSW had not exhausted its statutory appeal remedies. Mehta maintained that the Supreme Court’s findings were adverse to JSW and urged against interim relief. The bench ultimately disposed of JSW’s petition with a limited relief of status quo. It clarified that the court had not made any observations on the merits of the matter and that the interim protection was granted solely to avoid complications and protect the sanctity of judicial review. JSW Steel gave an undertaking to the court that it would file its review petition within the limitation period. On May 2, a different bench of the Supreme Court, comprising justicse Bela M. Trivedi and Satish Chandra Sharma, had quashed JSW Steel’s resolution plan, holding it violative of Sections 30(2) and 31(2) of the Insolvency and Bankruptcy Code (IBC). The court ruled that both the CoC and NCLT erred in approving a plan that was illegal and contrary to IBC provisions, and it directed the initiation of liquidation under Section 33 of the Code. Meanwhile, Sanjay Singal has moved the NCLT, Delhi, seeking enforcement of the Supreme Court’s May 2 order and urging initiation of the liquidation process for BPSL as per the IBC framework...////...