National Company Law Tribunal’s (NCLT) principal bench headed by Justice R Sudhakar, postponed the hearing of Bhushan Power & Steel (BPSL) on Tuesday. The matter is now set to be heard on May 30, and the tribunal is likely to issue a directive on a plea filed by BPSL’s former promoter Sanjay Singal, the Mint reported.
NCLT’s move reportedly came after a request was filed by Solicitor General Tushar Mehta, seeking restraint from issuing any directives. Mehta, who is representing the union government and other stakeholders, requested the NLCT bench to permit the former BPSL promoter to first identify and implead all necessary parties before the hearing is formally started. He highlighted that stakeholders are mulling various legal options in response to the apex court’s May 2 ruling, including seeking a fresh Corporate Insolvency Resolution Process (CIRP) for BPSL.
“Let him [Singal] consider whom he would wish to join, or who are necessary parties before even notice is issued, and thereafter we can issue...Every option is under consideration...we may even persuade the court to initiate a fresh CIRP process because the ultimate object of the IBC is to preserve the company as a going concern,” the Solicitor General told the bench, according to the Mint.
The plea filed by BPSL’s former promoter sought enforcement of the Supreme Court’s May 2 verdict, which quashed JSW Steel’s resolution plan worth Rs 19,700 crore and asked NCLT to start liquidation proceedings. Through his legal counsel, Singal requested the tribunal to appoint someone who can take responsibility for the company’s assets to prevent potential misuse amid ongoing clashes.
“Someone must be appointed to take control of the assets to prevent siphoning,” the counsel reportedly said.
Following the Solicitor General’s request, the NLCT’s bench reportedly asked Singal’s legal representative to implead all relevant stakeholders in the next hearing scheduled for May 30.
