The Supreme Court on Friday quashed JSW Steel Ltd.'s resolution plan for Bhushan Power & Steel Ltd., calling it illegal, and ordered the debt-laden company’s liquidation. The ruling came in response to a petition by operational creditor Kalyani Transco.The top court said JSW Steel, the resolution professional, and Bhushan Power’s committee of creditors “sought to sweep many seminal issues under the carpet” to cover up violations under the Insolvency and Bankruptcy Code, 2016. It found significant non-compliance at both the pre- and post-approval stages of the resolution process.
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