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The collegium, which also comprises Justices Sanjay Kishan Kaul, Sanjiv Khanna, B R Gavai and Surya Kant, took the decision in a meeting on Wednesday and the resolution was uploaded on the top court website.
Justice Bhuyan is the Chief Justice of the Telangana High Court and Justice Bhatti is his Kerala counterpart.
The Supreme Court has a sanctioned strength of 34 judges but is currently functioning with 31 after the retirement of three judges last month.