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The Supreme Court of India has given its final approval to JSW Steel’s ₹19,700-crore acquisition of Bhushan Power & Steel Ltd (BPSL), bringing an end to one of the country’s longest-running insolvency disputes.
A three-judge bench led by Chief Justice B.R. Gavai upheld JSW Steel’s resolution plan, dismissing appeals filed by financial creditors and other stakeholders seeking additional compensation. The court observed that reopening settled insolvency cases would undermine the Insolvency and Bankruptcy Code (IBC) framework and delay resolution processes.
The acquisition, originally approved by the National Company Law Tribunal (NCLT) in 2020, had been delayed for nearly four years due to litigation involving claims on revenue earned during the transition period and alleged irregularities in valuation.
With the verdict, JSW Steel can now fully integrate Bhushan Power’s operations, adding nearly 3.5 million tonnes per annum (MTPA) to its crude steel capacity — a 65% increase in overall production capability.
The decision marks a major milestone in India’s ongoing insolvency reforms, providing clarity to lenders, investors, and companies on the finality of court-approved resolution plans under the IBC framework.v
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