Supreme Court Upholds JSW Steel’s ₹19,700 Crore Resolution Plan for Bhushan Power & Steel

The Supreme Court on Friday upheld JSW Steel’s ₹19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Ltd (BPSL), dismissing objections from ex-promoters and creditors.

A bench led by CJI B.R. Gavai, with Justices Satish Chandra Sharma and K. Vinod Chandran, had reserved the verdict on August 11. The Court noted, “We do not find any merit in the appeals.”

The ruling comes after the Court recalled its earlier May 2 order directing liquidation of BPSL, which had criticised the conduct of the CoC, resolution professional, and NCLT.

[Kalyani Transco v. M/S Bhushan Power and Steel Ltd]