https://www.taxtmi.com/news?id=42713 The JSW Steel resolution plan for Bhushan Steel and Power Ltd was declared illegal for contravening the Insolvency and Bankruptcy Code, with the resolution professional failing statutory duties and the Committee of Creditors approving the plan without proper application of commercial wisdom and accepting payments despite mandatory non compliance. Prior adjudicatory orders were set aside as perverse and lacking jurisdiction, and adjudicatory authority was directed to initiate liquidation proceedings invoking constitutional powers to enforce statutory insolvency mechanisms. en-us Fri, 02 May 2025 17:16:03 +0530 Fri, 02 May 2025 17:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=42713 The JSW Steel resolution plan for Bhushan Steel and Power Ltd was declared illegal for contravening the Insolvency and Bankruptcy Code, with the resolution professional failing statutory duties and the Committee of Creditors approving the plan without proper application of commercial wisdom and accepting payments despite mandatory non compliance. Prior adjudicatory orders were set aside as perverse and lacking jurisdiction, and adjudicatory authority was directed to initiate liquidation proceedings invoking constitutional powers to enforce statutory insolvency mechanisms. News - Fri, 02 May 2025 17:16:03 +0530 https://www.taxtmi.com/news?id=42713