The Supreme Court withdrew its decision of May 2, ordering the liquidation of debt -ridden company Bhushan Steel and Power Limited (BSPL) on Thursday.

The apex court on May 2 rejected the proposal submitted by JSW Steel for BSPL’s debt resolution as illegal. A bench of Chief Justice BR Gavai and Justice Satish Chandra Sharma, while hearing the petitions filed to review the decision, said that the legal status was not properly evaluated in the ‘disputed decision’ earlier.

The bench said, “We believe that the decision challenged was not correctly understood in the light of those judicial decisions which are already mentioned.” Apart from this, it was also argued that aspects based on many facts were taken into consideration, even though they did not go to arguments. However, there is a difference of opinion about this situation. “At the same time, the bench said,” This matter is absolutely suitable to withdraw the previous decision and the matter should be heard again. ”

The apex court listed the review petitions on August 7 for the next hearing. On May 2, a bench headed by Justice Bela M Trivedi (now retired) rejected the JSW Steel Limited, justifying the resolution scheme for BSPL.

The apex court criticized all the parties of the BSPL- Solution Professional, COC and NCLT, stating that there was a severe violation of insolvency and loan disability code (IBC) in the solution process.

The Supreme Court had said that the committee of lenders did not show commercial understanding in approving the debt resolution scheme as the scheme completely violates the provisions of the IBC.

However, now the BSPL’s solution process will be resumed after the Supreme Court withdraws that decision and the JSW Steel’s Samadhan Yojana may be renewed.