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The Supreme Court of India has upheld JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel Ltd (BPSL), rejecting challenges from former promoters and certain creditors.
A bench headed by Chief Justice B. R. Gavai emphasized that the commercial wisdom of the Committee of Creditors (CoC) is paramount under the Insolvency and Bankruptcy Code (IBC). The Court ruled that reopening approved claims would defeat the IBC’s objective of timely resolution.
The judgment confirmed that the Compulsorily Convertible Debentures (CCDs) issued by JSW as part of the plan will be treated as equity. It further noted that JSW has already modernized BPSL, turning it into a profit-making entity.
By rejecting liquidation, the Court brought closure to one of India’s largest insolvency cases, reiterating that the IBC is intended to promote resolution over liquidation.
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