The Supreme Court of India today reversed its recent decision quashing JSW Steel’s resolution plan for Bhushan Steel and Power Limited (BSPL).
Last month, the court had reserved its verdict on the review petitions after days of sharp exchanges between Senior lawyers over the fate of nearly Rs. 6,000 crore in earnings before interest, taxes, depreciation and amortisation (EBITDA) generated during the corporate insolvency process.
Notably, on July 31, the CJI-led bench had recalled the May 2 verdict and decided to re-hear the matter.The Bench of Chief Justice B.R. Gavai, Justice Satish Chandra Sharma and Justice K. Vinod Chandran heard detailed arguments from Senior Advocates Neeraj Kishan Kaul for JSW Steel, Dhruv Mehta for former…