NEW DELHI: In a decision that could have a salutary bearing on the Insolvency and Bankruptcy Code (IBC), Supreme Court on Friday reversed its eyebrow-raising May 2 verdict, directing liquidation of bankrupt Bhushan Power and Steel Limited, to put back in place the National Company Law Appellate Tribunal’s Feb 2020 decision to allow Sajjan-Jindal-led JSW Steel revive the failed entity.A bench of Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran reversed the decision of a two-judge bench led by Justice Bela M Trivedi, since retired, accepting arguments of solicitor general Tushar Mehta, who appeared for the Committee of Creditors, and senior advocate Neeraj Kishan Kaul for JSW, which invested Rs 20,000…
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