The rehearing of the Bhushan Power and Steel Ltd (BPSL) insolvency case concluded on Monday, with the Supreme Court’s special bench reserving its verdict on challenges to JSW Steel Ltd’s ₹19,700 crore resolution plan.
The bench, comprising Chief Justice B.R. Gavai, Justice K. Vinod Chandran, and Justice Satish Chandra Sharma, heard the matter afresh after recalling the Supreme Court’s 2 May ruling that had quashed the JSW Steel‘s plan for alleged violations of the Insolvency and Bankruptcy Code (IBC).
That earlier decision sent shockwaves through the IBC framework, ordering banks to return ₹19,350 crore paid by JSW Steel and placing nearly ₹34,000 crore of total bank exposure at risk.
This upcoming judgment is seen as JSW…