<h1>Supreme Court to Hear Review Petitions on May 2 IBC Ruling Invalidating Steel Company Resolution Plan</h1> The Supreme Court scheduled a hearing on July 31 to consider review petitions challenging its May 2 decision that set aside a resolution plan by a steel company for a corporate debtor, deeming it illegal under the Insolvency and Bankruptcy Code (IBC). The court had ordered liquidation of the corporate debtor, criticizing the resolution professional, the Committee of Creditors (CoC), and the tribunal for procedural violations and failure to uphold IBC objectives. The former promoters and the resolution applicant filed review petitions against the verdict. The court had previously stayed liquidation proceedings pending these reviews. The May ruling found that the resolution professional neglected statutory duties and the CoC failed to exercise commercial wisdom in approving the resolution plan, resulting in a 'flagrant violation' of the IBC and related regulations.