The Centre is but to make up its thoughts on submitting a evaluate petition with the Supreme Court docket on its order cancelling the decision plan of JSW Metal and the liquidation of Bhushan Metal & Energy Ltd.
“The Supreme Court docket in its ruling has not solid any aspersion on the robustness of the Insolvency and Chapter Code. It has questioned and commented on the procedures of implementing the IBC on this specific case,” mentioned a authorities supply, underlining that no doubts had been raised by the Supreme Court docket on the IBC per se.
“The Court docket’s ruling has highlighted that on this specific case, at varied levels, the best way IBC was carried out doesn’t evoke confidence and there have been some gray areas,” famous the individual, including that these steps had been recognized and talked about.
“The federal government has not made up its thoughts on submitting a evaluate petition,” they additional mentioned.
The Committee of Collectors of BPCL can be inspecting whether or not they are going to file a evaluate petition on the Supreme Court docket ruling on Could 2 that rejected the Rs 19,700 crore decision plan of JSW Metal. A evaluate petition may be filed inside 30 days of the Supreme Court docket ruling.
Nonetheless, consultants raised concern over the Supreme Court docket ruling on the time, noting that it has raised issues over the efficacy of the IBC, the best way that insolvency proceedings are performed, and delayed timelines. There have additionally been questions on whether or not such a ruling can influence different proceedings which have been carried out.
The Division of monetary providers has been wanting into the order. “I already reviewed the order with all of the lenders. We took a place, studied the judgment, and bought our advocates’ view on the judgment. Now we’re taking a view in gthe overnment on the right way to strategy the judgment. We are going to finalise quickly,” M. Nagaraju, Secretary, Division of Monetary Companies, had mentioned earlier.
