New Delhi: The Supreme Court Friday upheld the resolution plan of JSW Steel Limited to acquire Bhushan Power and Steel Limited (BPSL), as it allowed a batch of review petitions that had questioned its earlier order to liquidate the company. A bench of Chief Justice of India B.R. Gavai and Justices S.C. Sharma and K. Vinod Chandran upheld the 17 February 2020 order of the National Company Law Appellate Tribunal (NCLAT) order, which approved JSW’s resolution plan through the Corporate Insolvency Resolution Process (CIRP) route.
JSW’s Rs 19,000 crore bid to take over BSPL was made under the Insolvency and Bankruptcy Code (IBC).
Friday’s judgment re-examined all the contentions that were dealt in the earlier judgment, but differed in…