The Supreme Court on Friday upheld JSW Steel Ltd.’s resolution plan for Bhushan Power & Steel Ltd. A bench comprising Chief Justice of India BR Gavai, Justices SC Sharma and K Vinod Chandran junked a previous order by a two-judge bench reversing JSW’s acquisition of the bankrupt firm for Rs 19,700 crore.
The apex court also rejected the objections raised by the ex-promoters and certain creditors of BPSL. “Permitting the erstwhile promoters or the CoC to raise an argument in that regard at such a belated stage would amount to doing violence to the very intention with which the IBC was enacted,” the order said.
JSW Steel in June filed a review petition in the Supreme Court regarding its earlier judgment. In May, the apex court ruled that…