The Supreme Court’s decision in Bhushan Power & Steel Ltd. v. JSW Steel Ltd., reported as 2025 INSC 621, is far more than a routine appellate pronouncement. It is, in my respectful submission, a judicial earthquake. For those who have previously served on the National Company Law Tribunal (NCLT), this ruling resonates as both a validation and a rebuke: a validation of judicial resolve, and a rebuke to systemic frailty that allowed such a high-profile resolution to unravel. It compels reflection—not only upon what went wrong in this case, but upon the structural deficiencies that have taken root within the IBC ecosystem.
What began as a celebrated instance of revival—a distressed steel manufacturer rescued by a marquee corporate…
