SC upholds JSW Steel’s resolution plan for debt-ridden Bhushan power and Steel Ltd

New Delhi: The Supreme Court on Friday upheld the JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL).

A special bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran had reserved the verdict on a batch of petitions on August 11.

“We do not find any merit in the appeals. They are, therefore, dismissed,” the top court said and rejected the objections raised by the ex-promoters and certain creditors of BPSL.

Five pleas were heard afresh after the CJI-led bench on July 31 recalled its May 2 verdict that had directed liquidation of BPSL and set aside JSW’s resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal for what it termed a “flagrant violation” of the Insolvency and Bankruptcy Code (IBC).

Earlier, a bench of Justices Bela M Trivedi and Satish Chandra Sharma had set aside a resolution plan of applicant JSW Steel Limited for BPSL, holding it illegal and in violation of the IBC.