Bhushan Steel's former resolution professional files review petition in SC

Bhushan Power and Steel's former resolution professional, Mahender Khandelwal, has taken a significant legal step by filing a review petition in the Supreme Court. Khandelwal argues that crucial documents were overlooked during previous proceedings, potentially impacting the outcome of the case. This move highlights ongoing complexities in the resolution process of Bhushan Power and Steel, a company that has been under scrutiny due to its financial struggles. Khandelwal's petition emphasizes procedural errors that he believes were made during the earlier stages of the case. These alleged errors could have influenced the decisions made regarding the company's restructuring and financial recovery. By bringing this to the Supreme Court's attention, Khandelwal aims to ensure a comprehensive review of all pertinent documents, which he argues were not adequately considered before. The filing of this petition underscores the intricate legal battles often involved in corporate insolvency cases. As the Supreme Court reviews the petition, the focus will be on whether these overlooked documents and procedural issues warrant a reassessment of prior decisions. The outcome of this review could have significant implications for Bhushan Power and Steel's future and potentially set a precedent for similar cases.

— Authored by Next24 Live