By Our Correspondent
NEW DELHI/BHUBANESWAR: The former promoter of Bhushan Power & Steel Ltd Sanjay Singhal, has filed a petition with the National Company Law Tribunal in New Delhi to seek enforcement of the Supreme Court’s recent order directing the bankrupt company’s liquidation.
Singhal, in a petition, asked the NCLT to take on record the court order and give directions to appoint a liquidator.
The court on May 2 rejected JSW Steel’s resolution plan to acquire Bhushan Power four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm. The order revived a years-long insolvency litigation and is a setback for lenders.
