<h1>Supreme Court recalls liquidation order under IBC Section 33(1), reconsiders steel company resolution plan approval</h1> The Supreme Court recalled its May 2 verdict that had ordered liquidation of a steel company and set aside a resolution plan approved by the Committee of Creditors (CoC) and implemented by a resolution applicant. The earlier judgment criticized multiple stakeholders for procedural lapses and held the resolution plan non-compliant with the Insolvency and Bankruptcy Code (IBC), directing liquidation under section 33(1) and invoking Article 142 of the Constitution. The current bench found that the prior judgment failed to correctly consider established legal principles and included arguments not advanced by parties. Emphasizing the impact on 25,000 employees and the revival of the company through significant capital infusion, the court deemed it appropriate to recall the earlier order and reconsider the matter. The resolution plan had been approved by nearly all creditors and upheld by lower tribunals, with the company now operational and solvent. The court scheduled further hearings to review the case afresh.