New Delhi, May 26 (PTI) Shares of JSW Steel climbed over 2 per cent on Monday after the Supreme Court ordered status quo on the liquidation proceedings of Bhushan Steel and Power Ltd (BPSL) before the National Company Law Tribunal.
The stock went up by 2.31 per cent to settle at Rs 1,031.75 apiece on the BSE. During the day, it jumped 2.71 per cent to Rs 1,035.90.
On the NSE, it climbed 2.13 per cent to Rs 1,030.
A bench of Justices B V Nagarathna and Satish Chandra Sharma said liquidation of BPSL might jeopardise the review petition, which was to be filed by JSW Steel Limited.
"Without expressing any opinion at this stage, we are of the view that it would be in the interest of justice if the status quo is maintained on the proceedings pending in NCLT.
JSW moved the apex court to halt the liquidation of BPSL, contending that it would be detrimental to the company, lenders, and employees.
The petition follows the May 2 order of the apex court to liquidate BPSL and refund JSW's payments, with the NCLT scheduled to hear a plea to initiate liquidation proceedings.
On May 2, the top court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC) and ordered the liquidation of BSPL under the IBC. PTI SUM SUM SHW
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