Delays in implementation of Resolution Plan under IBC: A growing concern

In contrast, in a recent Supreme Court ruling in Kalyani Transco v. Bhushan Power & Steel Ltd., 2025 SCC OnLine SC 1010, the Court directed the return of payments made by the SRA to the financial creditors, operational creditors and towards equity contribution, within two months from the date of the judgment. The apex court, in this case, ordered the liquidation of Bhushan Power and Steel Limited (“BPSL”) after rejecting the resolution plan of JSW Steel. The judgment came over three years after JSW started the execution of its obligations under the resolution plan. The Supreme Court held that the resolution professional did not duly discharge his duties under the Code and the CoC failed to exercise the commercial wisdom while…