The Supreme Court on Friday overturned its May 2 order directing liquidation of Bhushan Power and Steel Ltd (BPSL) and instead upheld JSW Steel Ltd’s Rs 19,700-crore resolution plan for the debt-ridden company. With this verdict, SC rejected challenges raised by BPSL’s former promoters and certain creditors.The apex court observed that delays in implementation were not attributable to either JSW or the lenders’ Committee of Creditors (CoC), observing that both had been trying to enforce the plan despite hurdles.
A bench led by Chief Justice B. R. Gavai said the commercial wisdom of the CoC could not be interfered with and cautioned that once a resolution plan is approved, reopening claims would amount to “committing violence” on…