Liquidation under IBC

Issue for Consideration: The central issue is the legality and validity of the resolution plan for Bhushan Power and Steel Ltd. (BPSL), which was approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT). The Supreme Court had to determine whether the resolution process complied with the mandatory provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), and whether the National Company Law Appellate Tribunal (NCLAT) had acted within its jurisdiction while modifying the approved plan and dealing with related issues, such as the attachment of assets by the Directorate of Enforcement (ED).