By MS Sahoo
In a landmark judgment dated 2nd May 2025, the Supreme Court of India disposed of an appeal filed in 2020 concerning the resolution of Bhushan Power and Steel Ltd. (BPSL). The judgment is detailed, incisive, and beyond reproach by any legal standard. It lays bare a series of grave illegalities and lapses, some deliberate and collusive, in the approval and implementation of the company’s resolution plan.
Considering the illegalities, the Court set aside the resolution plan approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) in 2019, subsequently affirmed by the National Company Law Appellate Tribunal (NCLAT). Invoking its extraordinary powers under Article 142 of the Constitution, the…
