In a major victory for JSW Steel and the insolvency and resolution process, the Supreme Court on Friday upheld the successful resolution of Bhushan Power and Steel Limited (BPSL) by dismissing a batch of appeals challenging the company’s takeover by JSW Steel. The judgment confirms the final order passed by the National Company Law Appellate Tribunal (NCLAT) on February 17, 2020, thereby providing finality to the Corporate Insolvency Resolution Process (CIRP) initiated against BPSL.
BPSL was one of the “dirty dozen” large corporate defaulters identified by the Reserve Bank of India (RBI) in 2017. The insolvency process against the company had started on July 26, 2017.
The court took considerate view that if the appeals were…